By Lucas Williams
If one were to say back in 2009 that the crypto-industry would cross the $1 billion mark, people would have made fun of that person. However, the entire cryptocurrency industry seems to have matured in 12 years’ time. Now, the industry is growing even bigger and it is soon to hit and cross the $3 trillion market valuation.
It was just 10 months back when the overall market capitalization of the crypto-verse was below $500 million. At the time of writing, the overall market capitalization of the entire cryptocurrency industry is over $2.8 trillion.
With so many cryptocurrencies being launched in the sector and the overall industry demonstrating its lucrative nature, more mainstream institutions are attempting to adopt cryptocurrencies.
Among the list of major mainstream institutions adopting cryptocurrencies, the latest firm is ING. ING is a multinational financial services firm of Dutch origin. The executives at the firm have announced that they are also aiming to explore the decentralized finance sector.
It was the chief innovation officer at ING, Annerie Vreugdenhil who talked about their company exploring the decentralized finance sector. It was at the Singapore Fintech Festival where Vreugdenhil opened up about the upcoming project of ING in the decentralized finance sector.
Vreugdenhil stated that they are currently in the process of launching a trial for the lending protocol within the decentralized finance sector. He stated that the DeFi lending service would work from peer-to-peer. As of now, they are going through the trial with support from the Netherlands Authority. Once the trial phase is over, they will be launching the particular protocol in the financial markets.
Vreugdenhil revealed that at present, they are going through the trial and testing phase for p2p decentralized finance lending. He stated that they are not interested in Bitcoin or other cryptocurrencies. Instead, they are aiming to come up with a protocol that excels in the decentralized finance lending sector.
At the time of writing, ING has an enormous number of assets that it is currently managing that are worth more than a trillion dollars. It was just the beginning of 2021 when ING had published its white paper for the lending protocol.
The firm has revealed that it has taken inspiration from the Aave protocol’s lending service. Therefore, somewhere along the way, it may acquire support from the teams working at the Aave protocol’s lending and borrowing service.
ING is among the major mainstream institutions that have praised the decentralized finance (DeFi) sector for its convenience. The firm has remarked how the platform has enabled cross-border transactions with almost no fees at all. Still, ING has pointed out the risks and drawbacks that the DeFi sector currently faces. There are chances that the platform may work to fix these issues through its protocol.