PRESS RELEASE. Pledge Finance is launching a decentralized cross-chain financial ecosystem, specially designed for the financial sector following a successful private round in which it raised over $ 3 million.
Hong Kong – Pledge Finance, an algorithm-based multi-channel decentralized financing (DeFi) ecosystem, announces the launch of an NFT-powered structured secured loan platform targeting the traditional financial sector. The Binance Smart Chain (BSC) -based platform will be fully interoperable with other public chains, meaning other DeFi platforms will be able to interact with Pledge’s many product and service offerings.
Pledge bridges the gap between DeFi and finance
Financing of pledges will include pools of liquidity that will act as money markets so that users can trade cryptocurrencies without the need for a centralized exchange. The interest rate for staking to provide liquidity to these money markets will be algorithmically set and determined by the supply and demand of cryptocurrencies in each pool.
Initially, these pools will be referred to as Pledge’s native token, PLGR, which means users will need to purchase PLGR to trade between stablecoins and cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The algorithm will ensure that Pledge users can trade cryptocurrencies with PLGR at their fair value with little friction.
In addition to using PLGR to facilitate exchanges between cryptocurrencies, Pledge’s native token will offer holders a fixed interest rate payment if they choose to use their crypto-assets to provide liquidity to the markets of the world. ‘money, loans or derivatives of Pledge. Additionally, unlike other lending protocols, Pledge users can create a variety of cash pools with different maturities for a given crypto-asset, each with fixed loan terms for loans issued by the pool.
PLGR will have a total supply of PLGR 3 billion.
The Pledge derivatives market is fueled by unique derivative smart contracts, which swap fixed rate interest payments for floating rate interest payments, providing an essential tool for DeFi traders who could use them to hedge. against speculative investments made in other pools. Due to Pledge’s cross-chain interoperability, these pools could also exist on other decentralized platforms.
The future is bright for engagement
Financing of pledges takes advantage of NFTs to further differentiate itself from other DeFi protocols. The pledge will initially hit NFT 50, each representing a fixed rate bond. These will be fully tradable on an NFT-based bond market, with each NFT representing the ownership, obligations and performance of a financial instrument. Financial institutions can use this tool to execute refinancing operations, by exchanging credit obligations.
This approach capitalizes on the current NFT craze, reusing it to make financial products such as bonds, loans and derivatives more accessible. to the DeFi world. The ultimate goal of Pledge is to serve the trillion dollar financial supply chain marketplace, bringing the traditional financial industry closer to the innovative and new space of the decentralized ledger. This mission is also supported by the success of Pledge’s first private round which raised $ 3 million in December 2020.
Commitment is a reliable, transparent and convenient cross-chain exchange solution for decentralized financial assets. It is committed to combine NFT inter-chain circulation and multi-asset trading to simplify its transfer process, expand current NFT market, accelerate NFT valuation / price by providing trading table function and offer more of convenience to all NFT users.
The platform itself draws on the vast technological and financial experience of its core management team. CEO Tony Chan is a serial entrepreneur and angel investor with a background in computer science with a computer science degree from Stanford University. In his past career, Chan helped write part of Windows 95, which by the time of its release had become the most popular operating system in the world. Pledge’s CTO, Michael Ren, was the chief artificial intelligence scientist for a Hong Kong-based peer-to-peer lending company with revenues exceeding $ 10 billion annually. With 15 years of fintech, Ren is also responsible for powering the blockchain protocol, community experience, and partnerships for Pledge.
Pledge’s Senior Product Manager, Douglas Hill, will lead Pledge’s product development, ensuring that its financial product line is operationally sound and in line with market needs. Hill has previously worked in machine learning and augmented reality, pioneering the first ML-based platform for physical therapy and the sports industry.
Relying on the support of such a skilled team, combined with the prospect of interoperability, Pledge is definitely well positioned to drive the financial industry forward in the future.
For more information on how Pledge Finance plans to use NFTs to revolutionize the financial industry, visit their main site here.
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Media contact details
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