ConsenSys Announces Software Suite ‘Codefi' For Decentralized Finance (DeFi) Applications

Decentralized finance (DeFi) applications have grown in popularity over the last few months as more blockchain use cases are developed for these applications. Many prominent blockchain industry players have shown interest and are placing investments in DeFi applications.

Lubin pushes for DeFi Ecosystem

Joseph Lubin, co-founder of Ethereum, has come out and stated outright support for DeFi applications. During a press conference at Ethereal Tel Aviv, Lubin said that Ethereum is a shared execution space, and developers should be building applications that synergize the network. He went on to announce that his venture studio, named ConsenSys, is entering the DeFi ecosystem. ConsenSys is introducing a new product suite called Codefi.

Lubin said that DeFi applications such as Uniswap and MakerDao are currently some of the most important developments in the blockchain industry. He said that he doesn’t own any governance tokens for MakerDao, an Ethereum-centric loan system, but he declined to offer any comment about whether they form part of ConsenSys’ portfolio. Instead, Lubin said that he has always supported MakerDao.

Codefi Software Suite

The Codefi product suite comes with a four part application which address various blockchain needs. Lex Sokolin, co-head of global fintech at ConsenSys, said that the software suite can be compared to Stripe or Twilio, and will serve businesses in need of payment processing.

Codefi comes in four parts namely assets, data, payments, and networks. There has not been any clarity about the clients targeted by Codefi suite, or the amount of revenue they aim to generate, but it is quite clear that the application has been developed for enterprise customers who need a crypto payment processor, or a fiat currency processor that uses blockchain systems.

This particular software suite has been designed for in house use, and all revenue generated through it will stay with ConsenSys. If it becomes successful, Codefi will become an important pillar of ConsenSys’ business model. The primary phase of Codefi’s launch will be spent trying to get enterprise clients on board.

ConsenSys has struggled to find business models which provide a return on investment made in research. They will be hoping that Codefi will become a successful business endeavor. Sokolin said that they have run several projects and startups, and these did the leading work for the company. ConsenSys has learned from these previous projects, and they have noticed a gap between products and client needs.

The suite is currently being explored under a controlled release, and there are a few unnamed pilots through whom it is being tested. Jeremy Milar, chief of staff at ConsenSys, said that the firm has several paying customers seeking such clients, and these are far more than the team of 40 product managers and developers at ConsenSys can support.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,193FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Ethereum Layer 2 Solution, SKALE Network, Launches Its Mainnet Phase One; Staking & Bounties Start in Early Q3

SKALE - an open-source scaling solution backed by Gemini exchange founders Winklevoss brothers for scaling the Ethereum network - has started to roll out...

Pundi X Integrates PayPal into Point-of-Sale Device, XPOS; Users Can Buy & Sell Crypto Seamlessly

Pundi X, a blockchain firm based in Singapore, has integrated its point-of-solution (PoS) device, XPOS, with PayPal, according to a medium post on June...

Crypto Mining GPU Manufacturer, NVidia Petitions Court to Toss Out $1 Billion Class Action

NVidia has petitioned the California court to dismiss the class action suit made by its investors. The lawsuit against the firm’s top brass alleges that...

Hacker Extort 116.4 Bitcoin from University of California San Francisco (UCSF)

The University of California San Francisco (UCSF) paid a ransom of $1.14 million in Bitcoin after a ransomware attack earlier this month, reported BBC...

Targeting Institutional Investors: SBI Holdings Is Buying a Minority Stake in B2C2 Exchange

A unit of Japanese financial conglomerate SBI Holdings, SBI Financial Services is buying a minority stake in London-based crypto market maker B2C2 for $30...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today