In a bid to enhance better lending service, ETHLend, a network built with Ethereum blockchain with the aim of offering secured loan to user has partnered with Kyber Network, a decentralized Ethereum-based protocol that grants “instant exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies (e.g. Ether, Bitcoin, ZCash) with high liquidity.”
The head of business at Kyber Network, TN Lee in a statement said, “We are proud to announce that our exchange will integrate with ETHLend to provide instant asset liquidation and token pairing in the first ever decentralized lending marketplace.”
The partnership, which is a great addendum for ETHLend was stemmed by the altcoin’s recent update.
The collaboration will now make the loan network an exchange medium, granting users more preference to “zero fee lending” service of ETHLend. The Kyber platform will now enhance effective and frictionless lend pairs for each ERC20 token in ETHLend DApp.
While acknowledging the partnership, the founder of Kyber, Loi Luu said, “ETHLend provides an exciting financial use-case for blockchain technology. Our partnership embodies our vision to become a solution to empower businesses. With Kyber on the platform, the lender can finance a loan in one token type, while the borrower receive the loan in another. This interaction could bring about greater innovation that could spur the development of the entire blockchain sector.”
On the other side, Stani Kulechov, founder of ETHLend also believes the collaboration will create new and great dimensions for the growth of both firms.
“Kyber provides the decentralized technology to convert LEND to Ethereum or ERC-20 tokens. With Kyber, ETHLend becomes an even stronger participant in the cryptolending market. This strategic partnership is an opportunity for both of us to show how decentralized project interoperability is creating the future of financial applications.”
The wedding of the two platforms will make it possible for holders of LEND/KNC token to use their coin for transaction on the new affiliate’s platform.
Kyber Network is a decentralized exchange platform for cryptocurrency. It is a trustless exchange system that grants instant conversation of digital currencies. Kyber protocol enhances the liquidating of crypto-assets in blockchain ecosystem.
ETHLend (LEND) is a decentralized lending platform built on Ethereum Blockchain that allows everyone to lend in a free market with fair interest rate. Without loss of capital, users can borrow Ether using LEND.
The network development team is striving to create a universal market place where users can borrow at a minimum interest rate.