The digital business expense management platform, delt.ai, received 25 million USD of financing in cryptocurrencies by the TrueFi protocol which is the creation of the decentralized finance platform (DeFi) TrustToken that operates with the TrueUSD stablecoin.
Through this protocol, lenders make financing lines with cryptocurrencies to active administrators. According to an interview conducted between the founder of delt.ai, Jose De La Luz Lopez, and the digital medium El Economista; De La Luz Lopez explained that this protocol “It is the equivalent of an institutional loan, but at the cryptocurrency level” and they are venturing into it since October 2021.
TrueFi will also be the protocol used by the Mexican fintech starting this month to issue the new lines of credit that arise, the same ones that will be backed by the stablecoins of the platform.
“By partnering with TrueFi, we believe we can continue to innovate, continue to champion Mexico’s entrepreneurs, and continue to facilitate the healthy growth of local economies in Mexico and beyond (…)” De La Luz Lopez commented in the announcement posted on the company’s website.
The incorporation of this new variant in the system has made Delt.ai increase more than 50% in its credit loans book, Lopez assured in the statement published on the company’s website that this new scope occurred in a range of one month and therefore is “a very exciting and promising result.”
With TrueFi, the loans received are issued by independent or, in some cases, decentralized lenders. Likewise, each dollar that delt.ai receives will be converted into a stablecoin and will be registered as such. Likewise, this stable coin will take the form of a token network-backed blockchain ethereum.
With the addition of blockchain technology through DeFi to the economic financial system, it will allow customers to put aside the traditional process to receive a loan and thus venture into new financial technologies in a safe and reliable way.
“The use of blockchain for credit makes institutional-grade lending more accessible, transparent, and secure. While TrueFi started out conservatively, serving crypto loans to crypto borrowers, the protocol may only become a trillion dollar operation by expanding to serve all of global finance. TrueFi Lending Marketplace is the protocol offering to do just that (…)” expressed the executive director of TrustToken, Rafael Cosman in the Delt.ai statement.