Jane Street and Clearpool launched a permissioned pool that will focus on KYC compliance and will allow users to stake USDC for earning yields in the CPOOL governance token so let’s have a closer look at today’s latest altcoin news.
After launching five Permissionless Pools, Clearpool established the first one that allows institutional lenders to earn yields by 15% by staking USDC. Jane Street and Clearpool partnered in order to enter the crypto industry harder and launch the permissioned pool. The decentralized capital markets provider Clearpool launched the pool on Tuesday and enabled borrowers with higher KYC requirements to access funds that are lent out by the partners. According to the press release, the pool was initially funded with $25M of USDC and has plans to increase it to $50m. the users can stake USDC to earn the 15% APR yield paid in CPOOL.
Partnering with Jane Street which is a quantitative trading firm with 1700 employees and BlockTower Capital focused on blockchain and crypto, Clearpool considers this move as a “watershed moment for DEFI” and noted that it is the first time that a major institution entered borrowing transaction on a DEFI protocol. Launched on the Ethereum network a few months ago, Clearpool works to facilitate institutional borrowing and lending of digital assets and launched its PErmissionless Pools that offer a chance to be liquidity providers for the whitelisted institutional borrowers and to compete with retail and institutional lenders for bigger yields. The protocol’s partners are mainly intuitions from the traditional finance world and the release added that Clearpool LP Tokens are the building blocks for the system of tokenized credit and the on-chain risk management.
The release outlined the importance of KYC compliance as a critical component of the traditional financial institutions that seek to enter DEFI. The protocol positions on the tool’s launch with the two regulated institutions is a sign that it will lead the bridge between DEFI and traditional finance. The CEO of ClearPool Robert Alcorn promised:
“it is only the beginning of what Clearpool will achieve as we continue to innovate and grow liquidity and risk management capacity across the digital asset landscape.”
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