Clearpool, a decentralized finance (DeFi) protocol, has announced that it will deploy its institutional credit platform Prime exclusively on Ethereum scaling tool Polygon network. Rob Alcorn, CEO and co-founder of Clearpool, said that they have been working closely with the Polygon team since they launched the permissionless protocol on Polygon in June and have a strong relationship. This move will enable Clearpool to deliver institutional DeFi products and provide a secure and reliable platform for users to access DeFi services.
Clearpool Prime is an institutional-grade capital marketplace that is set to launch in the first quarter of 2021. It will allow borrowers to create credit pools and liquidity providers to invest and earn yield. The platform is attractive to a wide range of borrower profiles, from traditional trading firms to crypto-native players, as well as fintechs that provide lending solutions in the traditional finance world. Clearpool Prime is designed to provide a secure and efficient way for borrowers and liquidity providers to access capital and earn returns.
Clearpool has announced the launch of its lending and borrowing platform on the Polygon network. The protocol has opened the onboarding and whitelisting process for institutional borrowers and lenders, who must pass know-your-customer (KYC) checks to be fully compliant. This move is significant as it marks the first time a DeFi protocol has launched on Polygon, and is a major step forward for the DeFi industry. Clearpool’s platform will provide institutional investors with access to a secure, reliable, and compliant lending and borrowing platform, allowing them to take advantage of the benefits of DeFi.
Polygon (formerly Matic Network) is an Ethereum sidechain that offers faster and cheaper transactions than Ethereum. It has recently secured partnerships with Instagram and Starbucks. Clearpool Prime, a decentralized lending protocol, has launched to cater to institutional capital with TradFi-compatible products. Clearpool’s loan book has dropped from $108 million to below $10 million since November. Polygon’s sidechain technology provides a secure and cost-effective solution for businesses and individuals looking to transact on the Ethereum network. With its recent partnerships, Polygon is well-positioned to become a major player in the DeFi space.
Colin Butler, Polygon’s Global Head of Institutional Capital, recently predicted that 2023 will be a pivotal year for institutional decentralized finance. Polygon’s native token, MATIC, has been one of the top 10 cryptocurrencies this year, gaining an impressive 68% since the start of 2021. Butler believes that the increasing institutional interest in decentralized finance will be a major factor in the growth of the sector in the coming years. He also noted that the increasing adoption of blockchain technology and the development of new infrastructure will be key to the success of decentralized finance. With the increasing demand for decentralized finance, Butler believes that 2023 will be a major turning point for the sector.
