TrueFi celebrates $ 1 billion in loans as its TrustToken continues to thrive
- TrueFi reaches $ 1 billion in loans issued, without default.
- It also secured $ 12.5 million in strategic financing and acquired Ethworks.
- TrueFi is already rolling out the first stages of its V5 upgrade.
Decentralized Finance (DeFi) has become the new hub for the majority of cryptocurrency projects. With that, it’s no surprise that DeFi’s total locked-in value is approaching $ 100 billion. Suddenly, TrueFi drags the steps of DeFi, in order to declare itself to the public.
With the traditional global loan market estimated at $ 6 trillion, TrueFi was created to harness the value of decentralized transparency, trust and speed in the TrueFi marketplace. The team behind TrueFi, the leading unsecured lending protocol, and popular stablecoins, including TrueUSD, champion institutional credit and chain loan-based products with their TrustToken.
A year ago, TrueFi emerged and created a lasting historic moment with DeFi’s first unsecured loan to Alameda Research for $ 3.5 million on November 21, 2020. As its first anniversary looms, TrueFi announces with the greatest excitement he reached $ 1 billion in total. Locked Value (TVL) from loans issued without default.
In addition, TrustToken secured $ 12.5 million in strategic funding and acquired the leading Web3 development company – EthWorks. Thus, doubling the size of the team for TrueFi scaling. The EthWorks team will instantly integrate with TrustToken staff and join the technical, design and operational roadmap for all products and services.
Following its expansion, TrustToken CEO Rafael Cosman said the acquisition of EthWorks and its team of world-class engineers and designers is critical to the future of TrueFi. He claims this will help them increase the speed, security and experience of the protocol while creating the greatest possible opportunities for its lenders, borrowers and token holders.
Not to mention, TrueFi says it is already rolling out the early stages of V5 and also plans to improve platform protocols to expand the potential of institutional-grade investors in DeFi-verse. The TrueFi V5 upgrade will make it easier to scale capital production, both at individual loan level and loan size.
TrueFi borrowers can leverage its native token, TRU, to increase their credit limit and also improve their rates. The TrueFi V5 upgrade will also help create a better experience for borrowers as well as modeling support for third party asset managers who will eventually launch their own TrueFi pools.
TrustToken’s instantaneous growth can be attributed to its veteran recruits from Wall Street and Silicon Valley. Therefore, strengthening his brand with a team of quick-witted innovators will accelerate his vision to push DeFi deeper into traditional finance territory.
The world’s leading unsecured lending platform is rapidly evolving its products to enter Wall Street and the newly structured leadership with their banking knowledge will strive to realize the company’s vision of a collaboration between DeFi and TrueFi as the finance of the future.
Rafael Cosman, CEO and Co-Founder of TrustToken talks about the new senior management,
I am convinced that the new management team will prove to be decisive for the development of TrueFi. It is the management team that will take TrueFi from $ 1 billion to $ 1 billion, which requires going well beyond the crypto lenders and borrowers that TrueFi primarily works with today.
About $ 8.5 million in interest was received by TrueFi lenders. Considering that over 5,000 wallets and thousands of TrueFi exchange partners such as Coinbase (NASDAQ :), Binance and FTX holding TRU, have now participated in dozens of governance votes. Thus, guiding the direction of the protocol.