Zug, May 24, 2022 – Bitcoin Suisse has added support for Centrifuge’s native token (CFG) on its proprietary, hyper-secure cold storage solution, the Bitcoin Suisse Vault. Centrifuge is a parachain connected to the Polkadot blockchain, bridging liquidity between blockchains and increasing interoperability. Centrifuge is the first parachain to be integrated into the Bitcoin Suisse Vault.   

Centrifuge has already financed over USD 134 million in real-world assets (RWAs) such as financing over USD 4.5 million trade receivables of Harbor Trade. Its migration from a standalone Proof-of-Stake chain to a parachain on Polkadot took place on March 11th 2022. It is built on Substrate, a modular framework that allows blockchains to significantly streamline development and maintenance. The network is powered by CFG, the networks’ native token, that can be used for both standard network functions such as chain security and transaction fees – as well as for on-chain governance. 

Centrifuge acts as an adaptor between the real world and the decentralized world. Via Tinlake, the first dApp built on Centrifuge, the protocol allows RWAs to be put in a pool which can be accessed by investors, similar to a marketplace. Once an off-chain document is on the blockchain in the form of an NFT, anyone can identify its owner and what it stands for in the real world. The smart contracts control how the funds flow, removing inefficiencies, and adding real value.  

Dr. Dirk Klee, CEO of Bitcoin Suisse, said: “It is our goal to act as a gateway to DeFi protocols for our clients. By adding Centrifuge to our redundantly built cold-storage solution, we provide access to a DeFi token that enables decentralized financing and bridges to two of the largest crypto protocols by market capitalization. This is the first support for a parachain token in our Vault custody service and we look forward to helping unlock further DeFi use cases for our clients and to working closely together with Centrifuge.” 

Lucas Vogelsang, Co-Founder and CEO Centrifuge, stated: “Until recently, DeFi users were almost exclusively existing crypto investors. What is needed are more players connecting DeFi to the "real" world. Centrifuge wants to do just that by rebuilding our financial system as we know it today. We want to position ourselves as the number 1 real-world asset protocol in the DeFi ecosystem and provide access to real-world financing to everybody, including small businesses.” 

The Bitcoin Suisse Vault is a redundantly built cold-storage solution offering customization such as client-specific security features, tailored multi-signing processes and optimized approval workflows for private clients and institutions. The service gives clients control over their crypto assets while Bitcoin Suisse manages the private keys. It leverages Bitcoin Suisse’s longstanding track record of crypto asset and technology expertise.  

___ 

For more details from Bitcoin Suisse Research, read our Fundamentals “What is Defi?” and “What is Staking?”. 

 

About Bitcoin Suisse 

Founded in 2013, Bitcoin Suisse is the Swiss crypto-finance and technology pioneer and market leader. Bitcoin Suisse is an enabler for the crypto and blockchain ecosystem in Switzerland and has been a driving force in the development of the 'Crypto Valley' and 'Crypto Nation Switzerland'. As a regulated Swiss financial intermediary, Bitcoin Suisse offers prime brokerage, trading, custody, lending, staking and other crypto-financial services for private and institutional clients. Bitcoin Suisse has built a team of over 320 highly qualified experts at its locations in Zug, Copenhagen, and Vaduz. | bitcoinsuisse.com  

 

About Centrifuge 

Centrifuge is a protocol for borrowing and lending money against RWAs. Its on-chain securitization is providing investors direct access to credit opportunities to diversify their digital asset portfolio and allowing asset managers and institutional credit groups access to DeFi capital. The protocol is unlocking economic opportunity for all by connecting people to borrow and lend money transparently and cost-effectively; free of rent-seeking intermediaries and the inefficiencies of traditional finance.