Bitcoin News and Finance
NFT-based Fixed Lending Protocol Pledge Backed by Stanford Alumni Announces Successful Fundraise Skip to main content

NFT-based Fixed Lending Protocol Pledge Backed by Stanford Alumni Announces Successful Fundraise

PRESS RELEASE. Pledge Finance is launching a cross-chain decentralized finance ecosystem, purpose-built for the financial sector following a successful private round in which it raised more than $3 million.

Hong Kong – Pledge Finance, an algorithm-driven, multi-chain decentralized finance (DeFi) ecosystem, is announcing the launch of an NFT-powered structured collateralized lending platform targeted at the traditional financial sector. The Binance Smart Chain (BSC) based platform will be fully interoperable with other public chains, meaning other DeFi platforms will be able to interact with Pledge’s numerous product and service offerings.

Pledge Bridges the Gap Between DeFi and Finance

Pledge Finance will include liquidity pools which will act as money markets so that users can exchange cryptocurrencies without the need for a centralized exchange. The interest rate for staking to provide liquidity to these money markets will be algorithmically fixed and determined by the supply and demand for the cryptocurrencies in each pool.

Initially, these pools will be denominated by Pledge’s native token, PLGR, meaning users will need to purchase PLGR to make exchanges between stablecoins and cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The algorithm will ensure that Pledge users can exchange cryptocurrencies with PLGR at fair value with little friction.

In addition to using PLGR to facilitate exchanges between cryptocurrencies, Pledge’s native token will provide holders with a fixed interest rate payment if they choose to use their crypto-assets to provide liquidity for Pledge’s money, lending or derivatives markets. Moreover, unlike other lending protocols, Pledge users can create a variety of liquidity pools with different maturities for a given crypto-asset, each featuring fixed lending terms for the loans issued by the pool.

PLGR will have a total supply of 3 billion PLGR.

Pledge’s derivatives market is powered by unique derivative smart contracts, which swap fixed-rate interest payments for floating-rate interest payments, providing an essential tool for DeFi traders who might use them to hedge against speculative investments made in other pools. Owing to Pledge’s cross-chain interoperability, these pools could also exist on other decentralized platforms.

The Future is Bright for Pledge

Pledge Finance is leveraging NFTs to further differentiate itself from other DeFi protocols. Pledge will initially mint 50 NFTs, each representing a fixed-rate bond. These will be fully exchangeable in an NFT-based bond market, with each NFT representing the ownership, obligations and yield for a financial instrument. Financial institutions can use this tool to execute refinancing operations, swapping in and out of credit obligations.

This approach capitalizes on the current excitement for NFTs, repurposing it to make financial products such as bonds, loans, and derivatives more accessible to the DeFi world. Pledge’s ultimate aim is to serve the trillion-dollar financial supply chain market, bringing the legacy financial sector closer to the innovative and new decentralized ledger space. This mission is further supported by the success of Pledge’s first private round which raised $3 million in December 2020.

 

About Pledge

Pledge is a trustworthy, transparent, and convenient cross-chain swap solution for decentralized financial assets. It is committed to combining NFT cross-chain circulation and multi-asset trading to simplify its transfer process, expand the current NFT market, accelerate NFT valuation/pricing by providing the trading board function and provide more convenience to all NFT users.

The platform itself draws upon the extensive technological and financial experience of its core management team. CEO, Tony Chan, is a serial entrepreneur and angel investor with a background in computer science holding a degree in the subject from Stanford University. In his past career, Chan helped to write part of Windows 95, which at the time of its release, became the most popular operating system in the world. Pledge’s CTO, Michael Ren, was chief artificial intelligence scientist for a Hong Kong-based peer-to-peer lending company, with revenues surpassing $10 billion annually. With 15 years of fintech, in addition, Ren is tasked with propelling the blockchain protocol, community experience, and partnerships for Pledge.

Pledge’s senior product manager, Douglas Hill will lead Pledge’s product development, ensuring its suite of financial products are operationally sound and in-tune with the needs of the market. Hill has previously worked in machine learning and augmented reality, pioneering the first ML-based platform for physical therapy and the sports industry.

Leveraging the support of such a competent team, combined with the prospect of interoperability, Pledge is definitely well-positioned to bring the financial sector into the future.

 

For more information about how Pledge Finance plans to use NFTs to revolutionize the financial sector, visit their main site here.

 

Follow Pledge on Twitter

Join the Pledge community on Telegram

Subscribe to Pledge’s blog on Medium

Get involved with Pledge on Discord

Explore Pledge’s technology on Github

 

Media Contact Details

Contact Email: PR@pledger.finance

 

PLEDGE FINANCE is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory