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NFT-based Fixed Lending Protocol Pledge Backed by Stanford Alumni Announces Successful Fundraise

press release

PRESS RELEASE. Pledge Finance is launching a cross-chain decentralized finance ecosystem, purpose-built for the financial sector following a successful private round in which it raised more than $3 million.

Hong Kong – Pledge Finance, an algorithm-driven, multi-chain decentralized finance (DeFi) ecosystem, is announcing the launch of an NFT-powered structured collateralized lending platform targeted at the traditional financial sector. The Binance Smart Chain platform (BSC), which is based on Pledge, will allow for interoperability with other public chains. This will enable other DeFi platforms to access Pledge’s many product and service offerings.

Pledge Bridges the Gap Between DeFi and Finance

Pledge Finance will include liquidity pools which will act as money markets so that users can exchange cryptocurrencies without the need for a centralized exchange. The supply and demand of cryptocurrencies in each pool will determine the interest rate.

Initially, these pools will be denominated by Pledge’s native token, PLGR, meaning users will need to purchase PLGR to make exchanges between stablecoins and cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). This algorithm will allow Pledge users to exchange cryptocurrencies with PLGR at fair price with minimal friction.

In addition to using PLGR to facilitate exchanges between cryptocurrencies, Pledge’s native token will provide holders with a fixed interest rate payment if they choose to use their crypto-assets to provide liquidity for Pledge’s money, lending or derivatives markets. Pledge users have the ability to create multiple liquidity pools for different crypto-assets. Each pool will have fixed terms for loans and can be used for lending.

PLGR will have a total supply of 3 billion PLGR.

Pledge’s derivatives market is powered by unique derivative smart contracts, which swap fixed-rate interest payments for floating-rate interest payments, providing an essential tool for DeFi traders who might use them to hedge against speculative investments made in other pools. These pools can also be found on other decentralized platforms due to Pledge’s interoperability across all chains.

The Future is Bright for Pledge

Pledge Finance is leveraging NFTs to further differentiate itself from other DeFi protocols. Pledge will initially mint 50 NFTs, each representing a fixed-rate bond. These NFTs will be fully convertible in an NFT-based bond exchange market. Each NFT represents the ownership, obligations, and yield of a financial instrument. This tool can be used by financial institutions to perform refinancing operations and swap in and out credit obligations.

This approach capitalizes on the current excitement for NFTs, repurposing it to make financial products such as bonds, loans, and derivatives more accessible to the DeFi world. Pledge’s ultimate goal is to service the trillion-dollar financial supply market and bring the legacy financial sector closer towards the new, decentralized ledger space. This mission is further supported by the success of Pledge’s first private round which raised $3 million in December 2020.

About Pledge

Pledge is a trustworthy, transparent, and convenient cross-chain swap solution for decentralized financial assets. It is dedicated to combining NFT cross chain circulation and multi-asset trade to make it easier to transfer, expand the NFT market, speed up NFT valuation/pricing, and offer more convenience for all NFT users.

The platform itself draws upon the extensive technological and financial experience of its core management team. Tony Chan, the CEO, is a serial entrepreneur, angel investor, and a computer scientist with a Stanford University degree. In his past career, Chan helped to write part of Windows 95, which at the time of its release, became the most popular operating system in the world. Pledge’s CTO, Michael Ren, was chief artificial intelligence scientist for a Hong Kong-based peer-to-peer lending company, with revenues surpassing $10 billion annually. With 15 years of fintech, in addition, Ren is tasked with propelling the blockchain protocol, community experience, and partnerships for Pledge.

Pledge’s senior product manager, Douglas Hill will lead Pledge’s product development, ensuring its suite of financial products are operationally sound and in-tune with the needs of the market. Hill was previously involved in machine learning and augmented realities, and pioneered the first ML-based platform to support physical therapy and the sport industry.

Leveraging the support of such a competent team, combined with the prospect of interoperability, Pledge is definitely well-positioned to bring the financial sector into the future.

For more information about how Pledge Finance plans to use NFTs to revolutionize the financial sector, visit their main site here.

Follow Pledge on Twitter

Join the Pledge community on Telegram

Subscribe to Pledge’s blog on Medium

Get involved with Pledge on Discord

Explore Pledge’s technology on Github

Media Contact Details

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PLEDGE FINANCE is the source of this content. This Press Release is intended for informational purposes only. The information does not constitute investment advice or an offer to invest.

This is a press release. This is a press release. Readers are responsible for their own research before making any decisions about the promoted company, or any of its affiliates. 72050

Image Credits: Shutterstock, Pixabay, Wiki Commons

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