Clearpool launches a lending platform on the Polygon network


Decentralised finance protocol Clearpool has chosen the Polygon network to host its Prime institutional credit platform

Decentralised finance protocol Clearpool has chosen the Polygon network to host its Prime institutional credit platform. Institutional credit platform Prime will launch exclusively on the Ethereum scaling tool Polygon network.

The two companies have been working together since they launched the permissionless protocol on Polygon, and this new partnership aims to strengthen their relationship and allow them to deliver institutional DeFi products together. Institutional-grade capital marketplace Clearpool Prime will allows borrowers to create credit pools while liquidity providers can invest to earn yield. According to Yahoo, the platform will become operational in Q1 2023.

Clearpool officials cited by the same source revealed that the platform will include a wide range of borrower profiles, including traditional trading firms and various crypto-native players. They also emphasised that Prime will attract fintechs that provide lending solutions in the TradFi (traditional finance) world. Clearpool has started the onboarding and whitelisting process for institutional borrowers and lenders.

In order to become fully compliant, these entities need to go through a series of know-your-customer (KYC) checks. More information about Polygon Polygon is an Ethereum sidechain that provides cheaper, faster transactions by batching transfers on its proprietary proof-of-stake blockchain while leveraging Ethereum’s network for security. Polygon has previously partnered with companies such as Instagram and Starbucks according to Yahoo.

MATIC, which is Polygon’s native token, has been performing well in 2023 so far, gaining around 68% since 1 January according to data from CoinDesk. The same source reveals that there are 10 billion possible MATIC tokens, and as of January 2023, 8. 9 billion MATIC are in circulation.

The rest will be minted by stakers, which are users who deposit their tokens into a staking smart contract in order to become validators. Polygon is a proof-of-stake network that selects stakers randomly in order to validate new transaction data. In December 2022, the Polygon blockchain has partnered with neobanking app hi and Mastercard to introduce a platform that allows users to create a personalized, web3-focused NFT debit card.

Through this partnership, NFT Debit Mastercard users can spend either crypto or fiat currencies at 90 million global merchants. Users can also mint any personal NFT for the cover of their debit card with zero gas fees. The partnership represented a new strategic move by Polygon as part of its effort to become the face of gasless fees for NFTs.

The Polygon blockchain is the basis of the Starbucks NFT loyalty rewards beta and new blockchain gaming features from Solana’s biggest NFT marketplace, Magic Eden. .


Feb 14, 2023 09:46
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