French DeFi platform Atlendis has hit two vital milestones in its quest to reshape the way forward for finance.
First, it obtained a PSAN, the French equal of a crypto companies supplier license, demonstrating its dedication to complying with France’s crypto rules and aligning with the upcoming European rules, MiCA.
Notably, the PSAN registration served as a mannequin for these new guidelines.
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The second milestone was securing a €1 million mortgage ($1,108,055.00) from the French public funding financial institution, BPI.
These developments will gasoline the expansion of its latest product, Atlendis Stream, geared toward simplifying the decentralized lending protocol for institutional debtors.
The brand new product permits for direct crypto-to-fiat transactions, offering on-chain liquidity for real-world use circumstances. The transfer, like many early blockchain initiatives within the pure finance area, is predicted to chop prices and make processes a lot faster by automating every little thing on-chain.
The normal credit score fund construction can also be thought-about opaque, typically solely open to accredited traders.
Atlendis goals to make that extra clear and accessible to all traders, as long as they’re prepared to KYC themselves.
Introducing Atlendis Stream
Atlendis was initially lending funds on-chain to Web3 corporations, DAOs, DeFi protocols, and market makers. Nevertheless, the collapse of FTX and subsequent market turbulence prompted Atlendis to adapt and evolve its choices.
“Final yr, the Three Arrows disaster and the FTX case confirmed that the market was immature,” Atlantis CEO Alexis Masseron advised Decrypt.
Addressing criticisms in opposition to DeFi, together with comparisons with Ponzi schemes, they opted to maneuver to a brand new mannequin.
“It was simply too dangerous,” Masseron stated. “It was not value sending up loans that might offer you 20% APY, as a result of it will indicate a excessive threat of default. So, we principally closed all our former swimming pools to go in the direction of real-world belongings and fintech corporations.”
Particularly, Atlendis turned its consideration towards the personal debt market.
“It is a market that’s exploding,” stated Masseron. “It is already huge, representing greater than $1.5 trillion {dollars} as of right now.”
The Atlendis Stream product acts as a bridge between the Atlendis protocol and prospects’ financial institution accounts, permitting for that bridge to go on custody and an off-ramp for on-line prospects.
Having a PSAN license was a prerequisite to onboarding these non-crypto corporations.
“The PSAN is definitely very properly perceived on the earth,” stated Masseron. “As a result of proper now, France has one of many clearest jurisdictions and rules crypto-wise on the earth.”
The registration may even let Atlendis arrange wallets for debtors to exit or enter instantly from their financial institution accounts.
“After we had been explaining to our shoppers that they should set up a pockets, then go to Polygon, they had been saying that it was not their core enterprise they usually didn’t wish to rent folks simply to try this,” stated Masseron.
Two fintech corporations, Karmen and Fluna, are already benefiting from Atlendis’ companies.
Karmen presents non-dilutive progress financing to digital companies, whereas Fluna serves as a pan-African commerce finance market, offering entry to credit score, market intelligence instruments, and assist for mid-market exporters in Africa.
With many different corporations prepared to hitch, this development is predicted to onboard extra non-crypto companies onto the blockchain.
“It’s not a matter of ‘if’ but it surely’s a matter of ‘when,’” Masseron stated. “We’re handled significantly now.”
