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Clearpool Chooses Polygon For Its Crypto Lending Services

by BlockNews Team
February 14, 2023
in BUSINESS, CRYPTO, DEFI, MEDIA
Reading Time: 3 mins read
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  • Clearpool will launch its institutional credit platform Prime on Polygon.
  • Prime is set to begin operations in the first quarter of the year where it will serve as a capital marketplace for borrowers and liquidity providers.
  • Clearpool has begun the onboarding and whitelisting process for institutional borrowers and lenders onto the Prime platform.

Clearpool, a decentralized finance (DeFi) protocol, has disclosed that its institutional credit platform Prime will be deployed exclusively on the Polygon network, an Ethereum scaling tool. The decision to deploy on Polygon resulted from a long-standing partnership between Clearpool and Polygon, which dates back to the release of the permissionless protocol on the Polygon network.

The CEO and co-founder of Clearpool, Rob Alcorn, expressed his excitement about the partnership with Polygon and the prospects of delivering institutional DeFi products adding that:

“We have been working closely with the Polygon team since we launched the permissionless protocol on Polygon in June. We have a strong relationship and continue to work together to deliver institutional DeFi products.“

According to CoinDesk, the platform is expected to commence its operations in the first quarter of this year, where it will serve as an institutional-grade capital marketplace. The forum will allow liquidity providers to invest and earn interest and enable borrowers to create credit pools.

In a statement, Jakob Kronbichler, Clearpool’s co-founder and chief operating officer, said that the platform is expected to attract a wide range of borrowers, ranging from traditional trading firms to various types of crypto-native players, as well as fintech that provide lending solutions in the conventional finance (TradFi) world, such as loans in emerging markets.

Clearpool also announced that it had opened the onboarding and whitelisting process for institutional borrowers and lenders, who must complete know-your-customer (KYC) checks to comply with the protocol entirely.

Clearpool’s move to build on Polygon is noteworthy because, before this, borrowing and lending activity on competitor protocols, such as Maple and TrueFi, mainly occurred on Ethereum’s network.

Polygon is on a Winning Streak

Polygon is an Ethereum sidechain that provides cheaper, quicker transactions by batching transfers on its proof-of-stake blockchain while depending on Ethereum’s network for security. The platform recently has gained meaningful partnerships with companies such as Instagram and Starbucks, which have put it more on the map.

This year has explicitly begun on a high note for the platform as it ended the partnership with MasterCard to launch the Mastercard Artist Accelerator program on the Polygon blockchain. The program is designed as a space for creators to unite and grow their music communities while learning how to develop their brands using web3 experiences like minting NFTs.

This is a continued partnership between the duo since last year, the two collaborated with the Hi, a neobanking app, to launch a platform that allows users to build a customized, web3-focused NFT debit card. NFT Debit Mastercard customers can spend either crypto or fiat money at 90 million global retailers thanks to this collaboration. Users can also mint any personal NFT for their debit card cover with no gas expenses. This was part of Polygon’s strategy to become the face of gasless fees for NFTs

In addition, according to statistics from CoinDesk, the blockchain’s native token MATIC has been performing well in 2023 so far, gaining around 68% since 1 January.

Tags: $MATICClearpoolcryptoCrypto LendingDeFipolygon
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