coindesk.com
TruBit, a Latin America-based cryptocurrency exchange with regulatory licenses in Mexico and Argentina, is offering users in the region a decentralized finance (DeFi) yield product powered by crypto lender Morpho.
Catering to a growing demand for crypto-backed lending, this move by retail exchanges is all about creating an easy way for users to interact with decentralized, automated lending and borrowing, a so-called “DeFi mullet” (fintech on the front end, DeFi at the back).
Morpho’s TruBit partnership follows the DeFi lending protocol’s announcement earlier this year with Coinbase, to offer bitcoin-backed loans.
“We think that fintech at the front and DeFi at the back is really the way DeFi will scale,” said Morpho co-founder Merlin Egalite in an interview. “If you look at the DeFi landscape right now it's still quite nerdy and technical. Integrating DeFi into fintech companies provides a less cumbersome and more familiar user experience.”