TrueFi Celebrates First $1B in Loans as Its TrustToken Keeps Thriving -Breaking
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TrueFi celebrates $1B First in Loans, as its TrustToken keeps Thriving- TrueFi reaches $1B in loan originations, without defaults
- Ethworks was also acquired and strategic financing of $12.5 million was secured.
- TrueFi already has the initial stages of its V5 upgrades.
Decentralized finance (DeFi), has been the hub of most cryptocurrency projects. Upon this, it is no surprise that DeFi’s Total Value Locked is approaching $100 billion. TrueFi has been following in the footsteps of DeFi to announce itself to the public.
TrueFi is a decentralized marketplace that combines transparency, trust, speed, and decentralization. TrueFi is the most popular unsecured lending protocol and the stablecoin TrueUSD. The TrustToken, which represents institutional credit and other lending-based products, has been championed by the TrueFi team.
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. TrueFi announced with great excitement its $1 billion Total Value Locked (TVL), from loans that were originated without defaults just as it is approaching its 1st anniversary.
In addition, TrustToken secured $12.5M in strategic funding and acquired the leading Web3 development firm — EthWorks. TrueFi has now doubled its team. 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. It will allow them to increase the speed, security and experience of their protocol, while also creating maximum opportunities for token holders, lenders and borrowers.
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. TrueFi V5 upgrades will make it easier to scale capital output, not only at the loan level but also in terms of the amount of loans.
To increase their credit limit, TrueFi borrowers can use TRU to stake the native token. This will also allow them to improve their rates. TrueFi V5 will improve the borrower experience and model support for third party asset managers, who may eventually create their TrueFi pools.
TrustToken’s instantaneous growth can be attributed to its veteran Wall Street and Silicon Valley hires. DeFi will continue to expand its traditional finance market by strengthening its brand through the addition of a talented team of innovators.
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 at TrustToken) speaks out about the changes in senior management.
I’m confident that the new senior leadership team will prove decisive for TrueFi’s development. TrueFi will be taking TrueFi’s value from $1Bn up to $1Tn. This requires us to go beyond crypto lenders and borrowers that TrueFi currently works with.
TrueFi lenders have received approximately $8.5 million in interest. Over 5000 wallets as well as thousands of TrueFi exchange partners like Coinbase (NASDAQ;), Binance and FTX holding TRU have participated in dozens governance votes. The protocol will now be guided by these voting members.
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