BlockFi Recent Multi Million Dollar Funding Success Demonstrates Brilliance Behind DEPO Platform
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BlockFi’s fundraising success proves the enormous potential of the cryptocurrency lending and collateral industry, where DEPO remains a pioneer at the forefront.
BlockFi, a U.S. based company, has raised $52.5 million USD to help fund a cryptocurrency collateral platform, a concept which is initially introduced by Depository Network DEPO. This has been the largest startup funding that has been garnered in the past couple of months. At the front of the investors was Galaxy Digital , which has appointed BlockFi as it’s exclusive lending partner.
Compared with the company’s previous round of funding, which raised $1.55 million, the interest in a digital asset loan collateral registry has swelled, and as the blockchain industry has demonstrated, it won’t be long before other startups follow suit. The cryptocurrency market alone is worth billions of USD.
While BlockFi is only available in some U.S. States and works on a similar basis to ETHLend and SALT, DEPO has global application and was described by The Merkle as “the natural evolution away from projects like SALT and ETHLend”.
What is DEPO?
Depository Network DEPO is the infrastructure needed for modern financial markets. It is a digital platform, which lenders worldwide can use to create their own depositories and start accepting blockchain assets as a collateral for loans.
What DEPO provides is:
- It allows 50 000 lenders worldwide to enter in crypto world.
- It improves liquidity of 100 million crypto holders.
- It supports different types of currencies and tokens.
How is DEPO different?
DEPO aims to provide through its depository infrastructure an integrated set of services to P2P lending platforms, banks, credit institutions and borrowers. The platform shall provide not only independent multisignature wallet technology for safeguarding the collateral, but also secure and independent enforcement procedure in case of non-performance by the debtor, giving equal protection of creditors’ and debtors’ rights. Last but not least it shall secure arbiter interaction for fast and legitimate case settlement.
Although BlockFi has been described as the fastest and most affordable option on the market, DEPO is still at a presale stage, where the price per token is still lower than the final ICO price. Investors looking at getting into this rapidly growing industry can do so now, at the ground level while DEPO’s tokens are an affordable and sensible option for investment.
DEPO has recently released proof-of-concept that demonstrates how the platform will assist banks looking to accept digital assets as loan collateral. DEPO is making it possible for banks to become a part of the lucrative cryptocurrency market. This is just the first stage in DEPO development process.
DEPO presale is active until August 10 2018.