The Compound decentralized finance (DEFI) lending platform has announced a treasury product for businesses and institutions.
DEFI lending pioneer made the announcement in a blog on June 29, adding that the new Compound Treasury has been designed for non-crypto native businesses and financial institutions to access the benefits of the protocol.
Compound stated that the protocol has performed flawlessly throughout the market volatilitate and has secured itself as a pillar of the DeFi ecosystem. It wants to bring this securitate and reliability to institutional investors by expanding its suite of products.
Beating banks with Compound Treasury
Finanțe compuse will be working with crypto custody firm Fireblocks, which partnered with BadgerDAO in April, and the company behind the USDC stablecoin, Circle. It added that the new product will enable Neobanks, fintech startups, and other large holders of USD to access the interest rates available in the USDC market on the protocol.
It will be removing the complexities associated with DeFi such as cripto portofel management and private key storage and simplifying the entire process.
Clients will need to simply transfer USD into their Compound Treasury account and instantly gain access to interest rates of 4% per annum. This is “orders of magnitude” higher than any high street bank can offer on dollar savings accounts, it added.
Funds and withdrawals can be made at any time with a 24-hour turnaround, and there are low minimums, no maximums, and no fixed terms or durations. It added that the product launch follows many months of customer and regulatory compliance research. Compound has begun onboarding customers, and plans to expand access to treasury accounts significantly over the coming months.
„Viziunea noastră este că Trezoreria Compusă devine podul pentru instituțiile financiare non-cripto pentru a furniza beneficiile de bază ale DeFi următorilor miliarde de utilizatori și suntem extrem de încântați să lucrăm cu clienții noștri pentru a naviga în această oportunitate enormă.”
In March, Compound announced a prototype called “Gateway” which has been built on the Substrate platform to provide cross-chain interest rates and collateral markets.
COMP price outlook
The DeFi protocol’s native COMP token has surged 26.5% in the past 24 hours. At the time of press, COMP was trading at $317, up 42% over the past week. Like most DeFi tokens, however, COMP is still down 65% from its mid-May all-time high of $910.
According to DappRadar, protocol total value locked is currently $5.7 billion, down from a peak of $9.4 billion in mid-May.
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Source: https://beincrypto.com/compound-finance-launch-defi-treasury-institutions/
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