TrueFi Powers WOO X’s Institutional Services Through Decentralized Loans to Verified Clients

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Credit protocol DeFi launches its first wallet of non-stable coins, with loans managed by WOO X

San Francisco, California – July 11, 2022 – TrustToken, the core team responsible for building leading unsecured lending protocol TrueFi unveils its collaboration with WOO X, a fee-free digital asset trading platform incubated by Kronos Research, the leading digital asset quantification company and market maker. WOO X will use TrueFi to support its institutional services by providing loans to its customers through the protocol.

The amount of value locked in smart contracts powering decentralized finance (DeFi) services skyrocketed in 2021, and despite some fluctuations in the first few months of 2021, the ecosystem is still very green year on year. ‘other. While lending has become one of the most lucrative DeFi applications for retail and institutional clients, decentralized lending protocols still have to rely heavily on over-collateralization to avoid risk, rendering the service inefficient. in capital. With its total of over $1 billion in loans issued in 2021, TrueFi is upping the DeFi lending game by enabling loans to verified institutional borrowers through its lending protocol.

WOO X will leverage TrueFi as the lending protocol of choice for unsecured lending to its institutional clients in its native WOO token, making it TrueFi’s first unstable wallet. WOO DAO, a decentralized autonomous organization working to foster the growth of the WOO network, will provide the tokens for the loans, with all returns going to WOO DAO. Financial institutions that trade on the WOO X platform have been verified through KYC measures, and loan principal will only be released to their WOO X wallets. Due to TrueFi protocol technology, this kind of transparency will show holders of WOO tokens where DAO funds move.

The collateral-free loan program follows an update to WOO X’s staking program, which now allows institutional clients to stake 600,000 WOO tokens to trade at no cost via the platform’s API. The update has sparked demand for WOO loans among financial institutions looking to access the service quickly and with reduced risk exposure.

“Unsecured on-chain loans are the most capital-efficient credit a financial institution can obtain,” says Rafael Cosman, CEO of TrustToken. “Our first non-stable coin wallets are further testament to the versatility of TrueFi lending, supporting all digital assets – Bitcoin, Ether and other top coins are also very possible. We are excited to reinvent lending for the 21st century as we strive to bring the total loans issued by TrueFi to $10 billion.

“Institutional interest in crypto is skyrocketing, and readily available capital is one of the key conditions for big players to deepen the space, especially in the current climate,” says Ran Yi, Chief ecosystem at WOO Network. “We are excited to partner with TrueFi to provide institutions with fast and efficient credit through DeFi’s first collateral-free lending protocol. By giving merchants more flexibility, we enable greater network utilization, which ultimately benefits the entire ecosystem. »

About TrustToken

TrustToken is building the global lending protocol. TrustToken’s TrueFi protocol brings collateral-free lending and on-chain credit scoring, providing borrowers with the highest possible capital efficiency at competitive rates, while providing lenders with the broadest financial product market in DeFi. TrueFi has completed over $1 billion in loans with a perfect repayment record.

The Company’s TrueCurrencies are the world’s first fully backed and independently verified stablecoins, trading on major exchanges such as Binance, Huobi and OKEx, generating billions in monthly trading volume. TrueCurrency users enjoy lightning-fast transactions, the lowest transaction costs of any stablecoin, easy exchange to and from fiat currency, and obsessive customer service.

Start using TrueFi at https://truefi.io, or learn more about TrustToken products at https://trusttoken.com

For interested borrowers or asset managers who wish to create financial products on TrueFi, please contact [email protected]

About Kronos Research

Kronos Research is a leading quantitative trading firm and cryptocurrency market maker, headquartered in Taipei. Founded in 2018, it has grown its daily trading volume to around $5 billion a day while working to build infrastructure to democratize investing and trading with traditional and crypto assets. WOO X is its digital asset trading platform listing a wide range of coins and tokens, as well as futures contracts pairing $PERP with a variety of popular digital assets. The exchange relies on the WOO network for liquidity, with WOO DAO working to foster ecosystem development.

For more information visit https://kronosresearch.com/

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