The world’s first regulated DeFi protocol Swarm Markets announced on July 1 that its onboarding signees to its liquidity provider program and has some $15 million pledged from over 250 customers. Swarm Markets Onboarding $15 Million of Pledged Liquidity Berlin-based DeFi platform Swarm Markets claims to be the world’s first regulated DeFi protocol after being approved by German financial regulator BaFin. In an announcement on July 1, the firm said that it has $15 million pledged from over 250 customers to its liquidity provider program. Swarm Markets provides regulatory know-your-customer (KYC) requirements while remaining private. This way it remains attractive to traditional financial firms that are looking into entering the DeFi space amid unknown counterparties and pseudonymous liquidity. With Germany having one of the clearest cryptocurrency regulations in the world, Swarm co-founders, Philipp Pieper and Timo Lehes, moved from the U.S. to Germany to set up Swarm Markets for the same reason. Remarking that DeFi was not just a gimmicky play for crypto insiders, Philipp Pieper, said: “It became evident that DeFi was not just a gimmicky play for crypto insiders, and there was real novelty in shared liquidity and protocol-based lending. It gained more credibility with institutions by the month, and regulators also saw it as a winning proposition.” DeFi meets Traditional Finance At the same time, Timo Lehes clarifies that having an identification of wallet holders is necessary for DeFi including the importance to know about the ownership of the platform: “There’s really two problems to solve there. One is that you don’t know who you’re dealing with on the other side, which means potentially a risk of some kind of money-laundering situation that you don’t want to be in. The other part is you’re susceptible to a rug pull if you’re not dealing with a counterparty that’s identified and preferably licenced.” The platform said that it’s initially starting with a few asset pools covering major tokens like BTC, ETH, and DAI.
The post DeFi Platform Swarm Markets Onboarding $15 Million of Pledged Liquidity appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
