Alkemi Network x BNPL Partnership

Alkemi Network announced a partnership with the BNPL Pay Protocol (Buy Now, Pay Later).

Through the partnership, both protocols are working to address the cost of capital problem in DeFi and are collaborating on the following:

• Enabling more efficient capital allocation on-chain and cross-platform
• Enhancing the customer onboarding experience for KYC/AML-approved DeFi
• Building out initial infrastructure for identity on-chain

BNPL intends to disrupt the global credit markets by creating a unique uncollateralized lending protocol. The protocol will allow users to borrow funds through its system of distributed P2P lenders run natively on the Ethereum blockchain. The Alkemi Network & BNPL Pay partnership is an exploration of synergies between two platforms connecting DeFi lenders to CeFi borrowers. With the combination of Alkemi Network’s KYC/AML-approved liquidity pools and BNPL’s Banking Nodes, there is considerable potential to grow together.

“Uncollateralized lending (e.g. credit issuance) is next on the innovation frontier for DeFi markets. Our partnership with BNPL is a significant step in this direction as they represent the next evolution of lending markets in crypto. Alkemi Network offers a unique opportunity for BNPL to offer trusted counterparties access to its platform at scale, thus increasing the flow of institutional capital into DeFi.” Brian Mahoney, CSO Alkemi Network.

About BNPL

BNPL is a decentralized lending protocol that puts credit in the hands of those who need it most: users without capital. BNPL tackles the problems presented by uncollateralized borrowing through a decentralized network of banking nodes servicing the needs of the industry. By using the BNPL protocol anyone can become a bank and apply for a loan.

About Alkemi Network

Alkemi Network is an institution-grade liquidity network for financial institutions and individuals to access professional DeFi and earn yields on their Ethereum-based digital assets. The flagship protocol, Alkemi Earn, facilitates borrowing and lending within a compliant environment via a primary permissioned liquidity pool of digital assets (ETH, WBTC and stablecoins). Earn also offers access to a secondary, permissionless liquidity pool of digital assets as part of Alkemi Network’s mission to enable everyone to join the decentralized financial ecosystem.

📰 INFO

https://medium.com/alkemi/alkemi-network-x-bnpl-partnership-b77f071d3ab0