Building on the XRP Ledger and Beyond – FinNexus & Bitrue Burst Into DeFi
DeFi platform FinNexus and leading financial services platform Bitrue have announced their intentions to expand services to the XRP and Wanchain ecosystems through the tokenization of novel real-world assets.
The first project from this partnership will be the FNX token, an asset with a unique conversion mechanism that both sustains the price of FNX and also gives users an opportunity to modify the risk level of their investment portfolio at any time.
“Supplying investors with a diverse range of quality assets for different investment strategies is very important in the post-COVID-19 market. We will use advanced blockchain and legacy system protocols to make more assets accessible on-chain throughout the world,” said Boris Yang, CEO of FinNexus. His team believes that not only those investment options of the traditional finance industry, but also true cutting-edge innovations, are the key to the future of DeFi.
Backed by Wanchain, the 2020 roadmap for FinNexus already includes tokenized assets to be released on the XRP Ledger. Their initial partnership with Bitrue – a leading financial services company with a strong user base in Europe and South-East Asia – will be to launch a token sale for their native utility token FNX starting on Monday, May 11. With a focus on rapid iteration and user-focused features, Bitrue is climbing the ranks of trusted digital asset exchanges.
“Innovation has always been at the heart of Bitrue, from the introduction of our Power Piggy product that gives ordinary investors a chance to earn while they sleep, to our adoption of XRP as a base currency, we’re always on the lookout for new ways to bring value to our users. We’re excited to be working on yet another cutting edge and unique financial product,” said Curis Wang, CEO of Bitrue.
A glaring deficiency of the DeFi ecosystem is its lack of asset-backed tokens. FinNexus will utilize XRP’s robust interface with fiat currencies to enhance the usability of digital assets that tokenize actual cash flows. This proof of concept, initiated in partnership with a prominent Indonesian lending platform, will be released soon.
FNX holders enjoy unique conversion rights that provide a groundbreaking safeguard mechanism against price drops. Only upward potential remains for up to 80% of the FNX purchased during the sale. Simply by clicking a button to convert their FNX to UM1S, risk-averse token holders can lock in an annualized 10% yield within the first 3 months of owning FNX.
Boris Yang was the founding technical lead at Wanchain because he wanted to be a part of making a fairer and more efficient global financial system. Having laid that technological foundation, his new goal as the current CEO of FinNexus is to deliver that value wholly to each individual cryptoasset holder.
“We want to build FinNexus into a crypto supermarket, where users may discover many different unique products to efficiently satisfy their needs,” said Yang.
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