Over the last few weeks, France-based decentralized finance protocol Atlendis has achieved two major milestones essential in helping the firm realize its objective of reshaping the future of the financial sphere.
First, Atlendis secured a PSAN, which is a crypto service provider permit issued to crypto firms in France that have shown their commitment to abiding by the country’s crypto policies. Note that all PSAN holders are required to comply with the Markets in Crypto Assets (MiCA) regulations when they take effect next year.
The second achievement hit by the DeFi platform was obtaining a $1,008,555 loan from BPI, a prominent public investment bank in France.
Atlendis Reveals the Purpose of the Loan
Per Atlendis’ announcement, the loan will be used to grow its new product known as Atlendis Flow, which is designed to simplify crypto lending for institutional investors. In addition, the latest product will facilitate crypto-to-fiat transactions and make loan processing quicker, just like many decentralized lending and borrowing platforms.
Atlendis’ loans will be available to all institutions, unlike in traditional banks, where credit is only given to a certain group of investors. However, companies that wish to borrow funds from the platform must complete the Know-Your-Customer procedure. By contrast, most DeFi protocols allow users to borrow loans anonymously.
What Caused the Emergence of Atlendis Flow?
Initially, Atlendis only provided loans to blockchain companies. However, the downfall of crypto exchange FTX forced the platform to expand its offerings to non-crypto projects. Atlendis CEO Alexis Masseron says his company began scheming how it would offer its services to traditional fintech firms.
So, his team came up with the idea of Atlendis Flow, which bridges the Atlendis platform and users’ bank accounts. And as mentioned before, this allows off-ramp transactions.
Masseron reveals that Atlendis sets up crypto wallets for its customers and then links them with their bank accounts. He says the move has helped the protocol provide DeFi services to traditional companies without having to deal with blockchain complexities. Some of the fintech firms already using Atlendis’ services include Fluna and Karmen. The former provides credit to digital startups, while the latter avails loans to Africa-based mid-market exporters.
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