Crypto custodian service Curv integrates the DeFi Compound protocol for P2P low-interest cryptocurrency loans.
Compound's Decentralized Finance (DeFi) Protocol has integrated with Curv, a cryptocurrency custodian that serves institutional investors. The integration could bring new funding to DeFi, a nascent industry that traditional investors have yet to reach.
In Compound, users can lend cryptocurrencies to each other using smart contracts and receive interest on them at rates determined by Compound's algorithms. Recall that at the end of last month the total amount of blocked assets in the protocol exceeded $ 1 billion, and the number of borrowers reached 4,000. Now the volume of blocked assets has already reached $ 1.7 billion.
The DeFi industry has been booming for several months now. DeFiMarketCap estimates the total market capitalization of DeFi in April to reach $ 1 billion, and last month it already exceeded $ 2 billion. As of today, the total market capitalization of DeFi has reached $ 8.3 billion.
Thanks to the Compound integration, Curv's clients, including global investment fund Franklin Templeton, “no longer need to leave their digital assets dormant,” Curv notes in a partnership statement. Instead, they can make money from their cryptocurrency by borrowing it through Compound smart contracts.
As a reminder, this month, infrastructure solutions provider and custodian cryptocurrency service Curv conducted a successful Series A funding round, which raised $ 23 million.
