ConsenSys’s Nuo Network Lending Platform Uses Wyre to Give Users Digital Assets interest and Debit Card
Nuo is a decentralized non-custodial marketplace for lenders and borrowers. The Nuo Network is partnering with Wyre to bring peer to peer lending and borrowing to millions of users. According to a blog post, users will be able to link debit cards and convert up to $40 per day into stablecoins and begin to earn interest.
The collaboration brings together forces from two cryptocurrency initiatives that are creating an alternative to traditional banking. Nuo brings a debt marketplace close to its users boasting of $6 million in reserves, $2.5 million in margin loans and is already counting millions of orders. Wyre is a trading engine and compliant with fiat on-ramps.
It is essential to note that Nuo Network is a non-custodial peer platform. This means that Nuo users lend directly from their wallets. Non-custodial platforms support borrowing and lending through smart contracts. The collateral is retained by the smart contract, which Nuo has no access to. In case of a default, the collateral is used to repay the loan and the balance is transferred to the user’s account.
By eliminating deposits, Nuo eliminates hackers, scammers, and potential risks associated with custodial lending platforms.
Varun Deshpande, Co-Founder of Nuo stated that the company was excited to partner with Wyre to expose users to a global frictional system. In his statement, he continued to say:
“We believe this is the first mainstream use case for cryptocurrencies, which can increase adoption without exposing users to price volatility. We have created the simplest interface for on-boarding new users to crypto by removing complexities of blockchain and Web3 stack.”
Mike Dunworth, CEO and Co-founder of Wyre shared Mr. Deshpande’s sentiments.
“We are thrilled to be partnering with Nuo. They are absolute rockstars at what they do. It’s a no brainer if someone can easily transfer funds into a secure system and earn interest as part of a global crypto economy. Providing meaningful value in a secure way is the most important thing, and Nuo gets that.”
About Nuo Network
Nuo aims to enhance adoption of cryptocurrencies and blockchain technology. It does this by creating an open financial system where borrowers, margin traders, and asset holders gain the benefits of trading with cryptocurrencies. The platform operates through open source smart contracts and has no custody on user funds.
The Nuo Network has grown and now has more daily transactions than CryptoKitties. It also partnered with the Matic network to enhance plasma exits. Other partnerships are with Kyber Network and Uniswap Exchange, which are both decentralized exchanges.
Wyre is a payment institution which connects fiat to the blockchain network. This platform has grown since 2013 to support more than $1 billion in block-chain cross border payments. Over $3.5 billion crypto assets have also been traded in-house.
The platform happens to be one of the few US- regulated and licensed transmitters in the crypto world.