TrustToken, the stablecoin platform, and originator of the unsecured lending protocol TrueFi announced today a new partnership with WOO X, a zero-fee digital asset trading platform established by Kronos Research, a crypto asset quant firm and market maker.
WOO X’s preferred lending protocol for uncollateralized loans to institutional clients in its native WOO token will be TrueFi. Furthermore, this is TrueFi’s first non-stablecoin portfolio.
How to get loans?
TrueFi will be used by WOO X to bolster its institutional services by granting loans to its clients over the protocol. The tokens for the loans will be provided by WOO DAO, a decentralized autonomous organization striving to support the expansion of the WOO Network, with all returns returning to the WOO DAO.
The loan principle will only be released into the WOO X wallets of financial institutions trading on the WOO X platform that has been validated through KYC processes. This form of transparency, enabled by TrueFi’s protocol technology, will show WOO token holders where DAO funds are traveling.
This uncollateralized loan scheme comes on the heels of an upgrade to WOO X’s staking program, which now allows clients to stake 600,000 WOO tokens for fee-free trading via the platform’s API.
The upgrade has increased demand for WOO loans among financial institutions seeking quick access to the service with little risk exposure.
About TrustToken
TrustToken is developing a worldwide loan system. TrustToken’s TrueFi protocol provides uncollateralized lending and credit scoring on-chain, providing borrowers with the best possible capital efficiency at low rates and lenders with the most diverse marketplace of financial goods in DeFi.
TrueFi has originated over $1 billion in loans with a flawless payback record.
TrueCurrencies are the world’s first independently-verified, fully collateralized stablecoins, trading on leading exchanges such as Binance, Huobi, and OKEx and generating billions of dollars in monthly transaction activity.
TrueCurrency customers benefit from lightning-fast transactions, the lowest transaction fees of any stablecoin, simple conversion to and from fiat cash, and unrivaled customer support.
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Source: https://www.thecoinrepublic.com/2022/07/14/truefi-announces-first-non-stablecoin-portfolio-granting-loans-to-its-clients/