US-based blockchain financing platform, PowerDfi has acquired Naijacrypto to facilitate the financing of billion dollars’ worth of physical assets.
Harnessing its innovative blockchain technologies, PowerDfi also expects “to lead the way” in “bringing physical asset economic utility to the Blockchain,” according to the firm.
PowerDfi uses Blockchain-based Financial Engineering techniques to unlock trillions in equity in physical assets.
“This acquisition allows us to bring the future of financing vast amounts of critical assets to the blockchain. No other DeFi platform is making it possible for tokenised assets to be leveraged for staking, loans and derivative creation,” said PowerDfi Founder & CEO Tim Webb.
“Large amounts of equity can now be unlocked and unfrozen because of the PowerDfi platform and its staking and lending protocols,” he added. “At a time of job-cutting and freezing client funds in this sector, we’re creating a robust new platform that will drive asset financing on the blockchain globally.”
“PowerDfi’s acquisition of Naijacrypto is a fit-like-a-glove, synergistic arrangement in which the capabilities of each company perfectly meet the needs of the other,” said Naijacrypto CEO Chiagozie Iwu. “The joining of both products became a no-brainer as Naijacrypto possesses the infrastructure to facilitate and supplement the PowerDfi vision.”
“Combining the companies’ platforms built and work done fills out our technology suite to handle trillions in assets over the next decade,” said Webb. “Our combined strengths of being first to market to allow the staking of physical assets using smart contracts on the blockchain and the integration of various yield mechanisms to be a leading fintech globally.”
“We’re also building a derivative platform on the blockchain to help businesses hedge against native currency and asset exposure risk to global markets,” Webb explained.
He also highlighted the companies’ larger purpose: “to make the 57 trillion dollar shadow banking market more transparent and secure via the Blockchain.”
The FSB estimates the shadow banking market to be worth about $57 trillion, and it’s expected to maintain a positive growth rate in the coming years. PowerDFI is utilising the Blockchain to bring more transparency and security to the shadow banking marketplace.
“PowerDfi is the next phase of the DeFi evolution, and I am glad Naijacrypto and its entire team will have a front seat on this journey,” added Iwu.