After launching five Permissionless Pools, Clearpool established its first-ever Permissions Pool, allowing institutional lenders to earn returns of up to 15% by staking USDC. The project partnered with Jane Street Capital – a global proprietary trading firm looking to enter the cryptocurrency industry.
Decentralized capital markets provider Clearpool launched an accredited pool on Tuesday, allowing borrowers with higher know-your-customers (KYC) requirements to access funds lent by institutional partners.
According to the press release, the pool, which was originally funded with $25 million USDC, is soon to be increased to $50 million. Users can stake USDC to earn the 15% APR return paid in CPOOL, the protocol’s utility and governance token.
In partnership with Jane Street, a quantitative trading firm with 1,700+ employees, and BlockTower Capital, an investment firm specializing in crypto and Blockchain focused, Clearpool sees the launch as a “watershed moment for DeFi“. The protocol noted that it is the first time “a major Wall Street institution has completed a borrowing session on a DeFi protocol.”
started on Ethereum Network less than two months ago, Clearpool is working specifically to facilitate institutional borrowing and lending of digital assets. The previously released Permissionless Pools program offers “whitelisted institutional borrowers” the opportunity to be liquidity providers (LPs) and compete with private and institutional lenders for lucrative returns. The partners of the protocol are primarily intuitions from the traditional financial world.
The publication added that Clearpool LP tokens, known as cpTokens, are the building blocks for a system of tokenized credit and on-chain risk management.
The publication emphasized the importance of KYC compliance as a crucial component of traditional financial institutions looking to enter DeFi. The protocol positions the launch of the tool at the two regulated institutions as a signal that it will bridge the gap between traditional finance and decentralized finance.
Robert Alcorn, CEO of Clearpool, promises there is more to come, saying: “This is just the beginning of what Clearpool will achieve as we continue to innovate and expand our liquidity and risk management capabilities across the digital asset landscape .”
Source: Crypto News Deutsch