- 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 cryptocurrency projects. Upon this, it is no surprise that DeFi’s Total Value Locked is approaching $100 billion, rapidly emerging as an alternative to TrueFi. One company marks it’s one-year anniversary paving the way for one of DeFi’s strongest use cases: uncollateralized borrowing and lending.
TrustToken, the team behind TrueFi, a leading DeFi protocol for uncollateralized lending, celebrates its one-year anniversary by announcing it has reached $1 billion in loans originated with zero defaults thus far. Other milestones include securing $12.5M in strategic funding and acquiring the leading Web3 development firm Ethworks. TrustToken also boosted its C-suite earlier this month by adding notable Silicon Valley and Wall Street veterans.
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 rapid growth will be accelerated by its veteran Wall Street and Silicon Valley hires. Hence, fortifying its brand with a quick-witted team of innovators that will accelerate its vision to push DeFi deeper into the traditional finance territory.
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.