Decentralised finance (DeFi) marketplace Nuo Network has partnered with Wyre to open peer-to-peer lending and borrowing facility to people in the US.
This partnership enables users to earn an interest on converting their funds to stablecoins of $40 per day after linking their debit card.
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Both Nuo and Wyre are cryptocurrency initiatives that provide an alternative option to conventional banking.
Nuo will use Wyre’s regulated fiat on-ramps and trading engine to provide access to global debt marketplace for its American users.
The offering provides a significant opportunity for both margin traders and borrowers to earn interest.
Unlike similar services, Nuo is claimed to be non-custodial. It is also peer-to-peer, open-source, and decentralised, which implies that users can borrow and lend money using their own digital asset wallets. The funds are then locked in smart contract based accounts that only users have the access to.
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By GlobalDataNuo co-founder Varun Deshpande said: “We are excited to partner with Wyre to enable users in the US access a global financial system in a frictionless way. We believe this is the first mainstream use case for cryptocurrencies, which can increase adoption without exposing users to price volatility. We have created the simplest interface for on-boarding new users to crypto by removing complexities of blockchain and Web3 stack.”
Wyre CEO and co-founder Mike Dunworth said: “We are thrilled to be partnered with Nuo. They are absolute rockstars at what they do. It’s a no brainer if someone can easily transfer funds into a secure system and earn interest as part of a global crypto economy. Providing meaningful value in a secure way is the most important thing, and Nuo gets that.”
The non-custodial lending protocol with backing from ConsenSys Ventures, Nuo Network aims to create an open financial system by aiding borrowers, margin traders, and asset holders to benefit from the opportunities offered by new cryptocurrency and blockchain technologies.
