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XRP Ledger Now Supports Popular Lending Platform

source-logo  u.today 20 November 2023 20:28, UTC

Credefi Finance has integrated with the XRP Ledger (XRPL), according to a Monday announcement. This move marks a significant step for Credefi Finance since it allows the project to expand its DeFi offerings by utilizing XRPL’s energy-efficient and decentralized blockchain technology.

The integration aims to provide users with more diverse financial options in the crypto space, leveraging XRPL’s established infrastructure.

Credefi’s latest product on the XRPL platform allows users to engage in short-term liquidity loans for European SMEs. This initiative is designed to help these enterprises manage their fixed costs more efficiently.

Credefi utilizes a risk assessment engine and collaborates with Experian for attestation, a move that has reportedly led to zero defaults so far. This product reflects an effort to balance the supply and demand of spare capital in the market, offering global users access to real-world lending opportunities.

The XRP Ledger, operational since June 2012, has established itself in the realms of tokenization, settlement, and liquidity.

With transaction speeds of 3-5 seconds and a cost of approximately $0.0002 per transaction, XRPL is capable of handling up to 2,200 transactions per second.

This integration is indicative of XRPL’s potential to support diverse DeFi applications and further Credefi’s ambitions in the sector.