July 9, 2020
min read

Elrond Connects to Broader DeFi and Traditional Assets Landscape Via Finnexus

https://finnexus.io

The Elrond ecosystem’s expansion into the DeFi & finance space continues with the integration of Finnexus, an open finance hub that connects assets, users, blockchains, and service providers.

By connecting the Elrond mainnet with the Finnexus hub, assets native to our blockchain will be used to access DeFi assets like ETFs, Derivatives, Credits, and traditional assets tokenized on Elrond or on other chains connected to Finnexus. Furthermore, Elrond assets would be usable for traditional instruments such as investments, financing, asset management, or risk hedging.

“Replacing tried and tested financial products with pure DeFi is a very radical proposition for asset managers, family offices, investors, and other financial institutions. But increasing the efficiency and security of familiar products, while reducing their costs, is a much more compelling proposition which will draw attention to crypto products. We’re excited about this prospect and look forward to integrating Finnexus with our mainnet.” said Beniamin Mincu, Elrond CEO.

FinNexus is a cluster of different protocols meant for different use cases such as Decentralized Options or Real-world Assets Tokenization. The FinNexus protocol clusters provide both centralized applications and dApps with meaningful access to public blockchains such as Elrond, Bitcoin, Ethereum, Ripple, and Wanchain, as well as cross-chain and scaling layers.

“We at Finnexus are firm believers in the future of decentralized options products. Our ongoing research enables us to bring waves of competitive products to this still nascent market on multiple blockchains. The Elrond blockchain offers the responsiveness that users have come to expect from internet apps. Meaningful user adoption can only occur with better user experience, so we plan to offer our products on Elrond to take advantage of its high efficiency, low cost, security and decentralization, all of which are very much in line with our cross-chain DeFi vision.” said Ryan Tian, CFO of FinNexus.

By abstracting the underlying complexity, an end-user might not only be able to use $BUSD to invest in tokenized real-world assets, but also use $ERD to hedge the risk of their BTC holdings using the FinNexus Options platform on Elrond blockchain. The large number of possibilities that the FinNexus collaboration opens for the Elrond ecosystem is exciting and a solid adoption catalyst.

About Elrond

Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.

About FinNexus

FinNexus is building an open finance protocol to power hybrid marketplaces that trade both decentralized and traditional financial products. The first iteration of FinNexus will be a marketplace for hybrid decentralized/traditional financial products, including tokenized assets with value based on real-world cashflows, and a decentralized options protocol.

Author Profile Picture
Beniamin Mincu
Co-founder & CEO

Beniamin Mincu, the co-founder & CEO of MultiversX, is a distinguished tech visionary and one of Europe's early blockchain pioneers. With a notable background as Product & Business at Nem Core in 2014, he subsequently founded and led MetaChain Capital as its CEO. Beniamin continues to shape the future of technology and blockchain with his unwavering vision and leadership.

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Author Profile Picture
Beniamin Mincu
Co-founder & CEO
Published on
July 9, 2020
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