- TrueFi hits $1B in loans originated, with no defaults.
- It also secured $12.5M in strategic funding 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. Upon this, it is no surprise that DeFi’s Total Value Locked is approaching $100 billion. As a result, TrueFi is trailing the DeFi steps, in order to declare itself to the public.
With the traditional global lending market estimated at $6 trillion, TrueFi originated to leverage the value of decentralized transparency, trust and speed into the TrueFi market. The team behind TrueFi, the foremost unsecured lending protocol, and popular stablecoins including TrueUSD is championing the institutional credit and lending-based products on-chain with its TrustToken.
One year ago, TrueFi emerged and created a lasting historical moment with DeFi’s first unsecured loan to Alameda Research for $3.5 million on November 21st, 2020. Just as its first anniversary is looming, TrueFi announces with utmost excitement that it has reached $1 billion in Total Value Locked (TVL) from loans originated with no defaults.
In addition, TrustToken secured $12.5M in strategic funding and acquired the leading Web3 development firm — EthWorks. Thus, doubling the team size for TrueFi scale-up. The EthWorks team will instantly integrate into TrustToken’s staff and join the technical, design, and operational roadmap across all products and services.
Following its expansion, TrustToken’s CEO Rafael Cosman says that the acquisition of EthWorks and its world-class team of engineers and designers is crucial for the future of TrueFi. He asserts that it will help them scale 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 deploying the first stages of V5 and it also plans on improving platform protocols to expand institutional-grade investors’ potentials in the DeFi-verse. The TrueFi V5 upgrade will facilitate the scaling capital-output, both at the level of individual loans and in the size of lending.
TrueFi borrowers can stake its native token, TRU, to increase their credit limit and also improve their rates. The TrueFi V5 upgrade will also help create a better borrower experience 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 Wall Street and Silicon Valley hires. Hence, fortifying its brand with a quick-witted team of innovators will accelerate its vision to push DeFi deeper into the traditional finance territory.
The world’s leading collateral-free lending platform is rapidly evolving its products to enter Wall Street and the newly structured leadership with their knowledge of the banking world will work to bring about the company’s vision of collaboration between DeFi and TrueFi as the finance of the future.
Rafael Cosman, CEO, and Co-founder of TrustToken speaks on the new senior management,
I’m confident that the new senior leadership team will prove decisive for TrueFi’s development. This is the leadership team that will take TrueFi from $1Bn to $1Tn which requires going way beyond the crypto lenders and borrowers that TrueFi primarily works with today.
Approximately $8.5 million of interest have been received by TrueFi lenders. Whereas, over 5000 wallets and thousands across TrueFi exchange partners such as Coinbase (NASDAQ:COIN), Binance, and FTX holding TRU, have now participated in dozens of governance votes. Thereby, guiding the direction of the protocol.