French DeFi platform Atlendis has hit two important milestones in its quest to reshape the way forward for finance.
First, it obtained a PSAN, the French equal of a crypto companies supplier license, demonstrating its dedication to complying with France’s crypto rules and aligning with the upcoming European rules, MiCA.
Notably, the PSAN registration served as a mannequin for these new guidelines.
The second milestone was securing a €1 million mortgage ($1,108,055.00) from the French public funding financial institution, BPI.
These developments will gasoline the expansion of its latest product, Atlendis Move, geared toward simplifying the decentralized lending protocol for institutional debtors.
The brand new product permits for direct crypto-to-fiat transactions, offering on-chain liquidity for real-world use circumstances. The transfer, like many early blockchain initiatives within the pure finance house, is anticipated to chop prices and make processes a lot faster by automating every part on-chain.
The standard credit score fund construction can also be thought of opaque, typically solely open to accredited traders.
Atlendis goals to make that extra clear and accessible to all traders, as long as they’re keen to KYC themselves.
Introducing Atlendis Move
Atlendis was initially lending funds on-chain to Web3 corporations, DAOs, DeFi protocols, and market makers. Nonetheless, the collapse of FTX and subsequent market turbulence prompted Atlendis to adapt and evolve its choices.
“Final yr, the Three Arrows catastrophe and the FTX case confirmed that the market was immature,” Atlantis CEO Alexis Masseron advised Decrypt.
Addressing criticisms towards DeFi, together with comparisons with Ponzi schemes, they opted to maneuver to a brand new mannequin.
“It was simply too dangerous,” Masseron mentioned. “It was not value sending up loans that will provide you with 20% APY, as a result of it could suggest a excessive threat of default. So, we principally closed all our former swimming pools to go in the direction of real-world property and fintech corporations.”
Particularly, Atlendis turned its consideration towards the personal debt market.
“It is a market that’s exploding,” mentioned Masseron. “It is already large, representing greater than $1.5 trillion {dollars} as of at this time.”
The Atlendis Move product acts as a bridge between the Atlendis protocol and clients’ financial institution accounts, permitting for that bridge to move on custody and an off-ramp for on-line clients.
Having a PSAN license was a prerequisite to onboarding these non-crypto corporations.
“The PSAN is definitely very properly perceived on the planet,” mentioned Masseron. “As a result of proper now, France has one of many clearest jurisdictions and rules crypto-wise on the planet.”
The registration may also let Atlendis arrange wallets for debtors to exit or enter immediately from their financial institution accounts.
“Once we had been explaining to our purchasers that they should set up a pockets, then go to Polygon, they had been saying that it was not their core enterprise and so they didn’t wish to rent individuals simply to try this,” mentioned Masseron.
Two fintech corporations, Karmen and Fluna, are already benefiting from Atlendis’ companies.
Karmen provides non-dilutive development financing to digital companies, whereas Fluna serves as a pan-African commerce finance market, offering entry to credit score, market intelligence instruments, and help for mid-market exporters in Africa.
With many different corporations prepared to hitch, this pattern is anticipated to onboard extra non-crypto companies onto the blockchain.
“It’s not a matter of ‘if’ nevertheless it’s a matter of ‘when,’” Masseron mentioned. “We’re handled significantly now.”