Blockchain.com has announced that Truefi’s single-borrower pool has provided it with up to $100 million in liquidity. Over the first year, the pool will be capped at $100 million, with Blockchain.com intending to use the cash to improve its own “liquidity pools, leverage trading assistance, and book of lending services.”
Blockchain.com, a prominent digital asset service and exchange, has announced that it has obtained $100 million in liquidity via Truefi, an uncollateralized borrowing and lending platform. Truefi, a decentralised finance (defi) platform, basically uses on-chain credit scores to enable uncollateralized lending. With “no lockup period and deep exit liquidity,” the platform claims to give lenders competitive yields.
The single-borrower pool will supply “debt to Blockchain.com [that] will be offered to any Know Your Customer-verified, non-U.S. lenders on the Truefi platform, delivering them an estimated APY of 8.50 percent, before incentives,” according to Truefi. With Alameda Research, Truefi has previously shown the single borrower pool concept, and the team also assisted Perpetual Protocol in launching the first protocol-to-protocol lending pool.
Truefi welcomes Blockchain.com into the fold, according to Rafael Cosman, CEO of Trusttoken, who also stated it doesn’t surprise him to see huge financial institutions use on-chain books in a statement issued to Bitcoin.com News. “It’s encouraging – but not surprising – to see more top financial institutions bringing their books of business on-chain, providing our global lender base with even more financial prospects,” Cosman said. Truefi’s parent firm, Trusttoken, has “executed $1.3 billion in origination and $1 billion in repayments with no defaults” since November 2020.
Read more: Blockchain.com has a new asset-management service for its wealthy investors
