Digital bank EQIBank launches DeFi platform for lending crypto
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Digital bank EQIBank launches DeFi platform for lending crypto 10 August 2021Dominica Reporter: Alex Pugh
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EQIBank has launched EQIFI, a unified platform for DeFi products, designed to overcome traditional banking issues and make the lending and borrowing of cryptocurrencies and certain fiat currencies more accessible.
EQIFI is a decentralised protocol for pooled lending, borrowing and investing Ethereum-based cryptocurrencies, stablecoins, and select fiat currencies. Its new DeFi platform comprises newly introduced fixed- and variable-rate lending products, as well as an advanced yield aggregator and interest rate swaps.
These new products simplify DeFi, EQIBank says, consolidating a range of services into a single user-friendly platform, and are designed to address shortcomings within traditional banking, such as high fees, outdated technology, obsolete pricing models and expensive cash handling.
Run by holders of the platform's native EQX token, EQIFI operates under a decentralised ethos, giving community members the power to make important decisions regarding the project's future, such as listing and delisting assets and tokens, adjusting interest rates, modifying collateral limits and pausing loans or deposits.
EQIFI CEO Brad Yasar says: “Through blockchain technology, EQIFI democratises financial products previously only available to a select few, and we are confident that EQIFI is best positioned to bring these products to clients who want to embrace the evolution of digital banking, in an accessible and regulated manner.”
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