Crypto.com plans to offer customers the possibility of borrowing against their crypto deposits after the success of a similar functionality on Rival Exchange Coinbase.
On Thursday, the Crypto Exchange announced a partnership with Morpho, the second largest decentralized financial loan protocol. Morpho will facilitate loans and deploy his loan protocol on Cronos, a blockchain created by Crypto.com, as part of the link.
“Our mission has always been to accelerate the world’s transition to cryptocurrency, and this collaboration with morpho and cronos is a powerful step in that direction,” ketat sarakune, head of yield and asset growth at crypto.com, said in comments shared with DL News.
Integration will give Crypto.com customers the possibility of taking advantage of their cryptographic participations without taking them. The agreement will allow Morpho to exploit clients in the exchange and develop their deposits.
Crypto.com is the sixth crypto exchange in the world. He managed $ 86 billion in trades last month, according to Newhedge, a Crypto data platform.
The first morpho integrations should be broadcast before the end of the year. When they do, Crypto.com will be the second exchange of crypto to offer loans supported by Defi via the protocol.
In January, Morpho joined Coinbase for a similar initiative. It turned out to be popular. The total amount of Morpho loans from Coinbase exceeded $ 1 billion earlier this week.
The development comes as the crypto loan solidifies as the case of use of dominant deffi.
The DEFI loan protocol deposits reached a $ 138 billion summit in September, according to Defilma Data.
Morpho, who increased his deposits by 121% this year to $ 11.5 billion, fully benefits from increased demand.
On Tuesday, a general company, one of the largest banks in Europe, announced that it joined its stablescoins in Morpho to open loans of its institutional customers.
A Morpho spokesman said DL News The protocol is in talks with more fintechs, exchanges, institutions and asset managers to build their financial applications in addition to its protocol.
These integrations are examples of the so -called “DEFI MULLET” strategy that many protocols adopt in order to extend to new markets and to capture more deposits.
The term refers to the abstraction of the complexities of interaction directly with DEFI behind an interface oriented towards the simpler consumer. In other words, centralized crypto exchanges such as crypto.com at the front and the disorderly technical aspects of DEFI hidden at the back.
