DeFi.finance was primarily announced during the 7th Edition of the Global Blockchain Congress, held June 21-22 in Dubai, of which Woonkly was the headline sponsor.
“Crypto exchange using AMMs is a huge market, with providers such as Uniswap or Pancakeswap trading thousands of millions of dollars every day. Woonkly Labs is entering this exciting market with a new regulated product that follows strict AML and (KYC) policies, under our Estonian Crypto Exchange License”, says DeFi.finance founder, Daniel Santos.
“Traditional exchanges such as Coinbase are very popular, but money is flowing to AMMs such as Uniswap and others. We are entering the future of crypto exchanges with a new, regulated, fully compliant product, with unique features that will allow us to compete worldwide,” states Santos. “We believe that a regulated AMM will bring institutional investors to this new world. We are embracing the Hybrid Finance “HyFi” market as the bridge between DeFi and traditional, regulated, financial institutions.
DeFi.finance is built under the rare and desirable crypto exchange license that Woonkly Labs holds in Estonia. Defi.finance has been launched after a long development process with a decentralized team of more than 35 people based in Estonia, Spain, and Mexico. “We aim to become one of the biggest players in the Decentralized Finance (DeFi) world,” aims Woonkly Labs’ CEO, Daniel Santos.
Also, the permissionless and unregulated nature of DeFi makes it a tad difficult to curtail scams and other illegal activities. Rug pulls or exit scams, in particular, have become recurring incidents in the DeFi space because of the non-existence of market standards or established customer protection practices.
Furthermore, the current DeFi ecosystem does not comply with KYC and AML requirements. Therefore, it is more or less the wild west. Although this may appeal to some, it remains one of the core deterrents for institutional investors.
Notably, it was not until there was the widespread adoption of crypto regulations that institutional investors began to participate in the digital asset economy. The DeFi ecosystem needs a similar wave of regulatory compliance to appeal to the mainstream.
In light of this conundrum, DeFi.finace has opted for a flexible design – HyFi – that combines the best attributes of both DeFi and traditional finance. The goal is to provide all of the innovative functionalities of an automated market maker while adopting the transparency and standards of a centralized exchange.
In essence, blockchain remains the underlying technology that powers the system. However, the architecture introduces a series of customer protection features with which users can log and resolve queries just as they would on a centralized platform. This is in addition to the performance enhancement features that promise high liquidity, low transaction fees, and scalability.
Ultimately, HyFi promotes compliance. With KYC and AML compliance a reality, institutional investors and organizations have more reasons to adopt a decentralized exchange architecture.
Woonkly’s token, WOOP, is listed on several exchanges, with a market cap of $300M and a daily trading volume of $2M. DeFi.finance has a total value locked (TLV) of more than $80M following its beta launch demonstrating the power of DeFi and the pent up demand met by DeFi.finance.
Name: Sara Santos
Company name: Woonkly
Email: pr@woonkly.com
Website: http://woonkly.com/ and https://defi.finance/
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Source: Cryptocurrency - investing.com