BNPL Pay Mainnet Update Dec 2021

BNPL Pay Team
BNPL PAY
Published in
4 min readDec 2, 2021

The BNPL Team have been working tirelessly on creating the product that we have set out and promised to the community. It has been methodical and detailed work. We are exceptionally proud of the progress made so far and we’re confident that BNPL Pay will be poised to take advantage of one of the fastest growing industries in history.

During the months leading up to the initial proposed launch date of 30th November, we have been monitoring both the market and similar products to our own and the team is particularly wary of exploits and hacks that occur in the DeFi space, especially those that plague lending protocols. Our aspirations of achieving industry leading TVL have led us to double down our efforts on the security front with a specific focus on protecting lender capital whilst also ensuring the product can react to changes in regulatory stances.

With this mission in mind, we have decided to push the launch into Jan 2022 to allow more time to review the code, test it against every edge case we can find, throw it and shake it and rip it to shreds looking for holes and exploits. We hope the community is able to understand that the delay was done with good intention, and our objective is the safety of participants’ funds and product longevity.

Second Audit & Additional ImmuneFi Focus

On the security side we have resubmitted our code for a second rigorous audit, upped our planned bounties for ImmuneFi to encourage as much whitehat exploration as possible, and reworked the core components that are the biggest targets for exploits and reduced the attack surface. Our laser focus on fund integrity is driven by the desire to not be a statistic added to the grand tally of $1.4b in capital exploits that have already occurred in 2021.

Additional Freedoms for Banking Nodes

Regarding the regulatory landscape, bridging TradeFi and DeFi comes with some much needed infrastructure changes to reduce the risk for big TradeFi players entering the DeFi space. We are bringing the ability for our network of Banking Nodes to offer both KYC and non-KYC borrowing services. From launch BNPL Pay will enable Banking Nodes to choose between a KYC compliant node that runs specifically for whitelisted and institutional clients, as well as have the ability to run a classic DeFi focused node with no friction to lending and borrowing.

At first glance, it may seem odd that a DeFi lending protocol has the need for KYC or AML functionality. After all, decentralised finance is just that, decentralised. But a cursory glance is not enough to assess the full scope of our ambition. We are not trying to be just a lender, we are trying to be the Lender. The global money market is orders of magnitude larger than the current DeFi one. While our ultimate objective is to blur the lines completely between the two, we are well aware of the fact that our platform needs the ability to onboard clients that require compliance, as unfortunately the world of bureaucratic finance does not move quite as fast as the world of DeFi.

With this extended feature set we are opening the doors wider to traditional financial institutions and aiming for a far larger segment of the market. In keeping with the rationale of our original reason for delay; the security focus, we recognise that an entirely new feature set, especially one that has interfaces to the world outside of Cryptocurrency, requires additional due diligence, time to develop, secure, test, and deploy.

While we are pushing back the launch to Jan 2022, we are bringing in a feature the team considers a game changer as far as decentralised nodes go. The ability to have a KYC function that does not depend on the central platform is not an easy task. We have a solution, and we are developing it in time for the new launch date.

Thank you for your patience and understanding, and we hope that the redoubling of our efforts on security and the addition of the new feature set will excite holders and investors, as much as it excites the team.

Ask Us Anything

We have set up an AMA channel in our Discord. The team will be available there to answer any questions you may have.

Join Here 👇🏻

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BNPL Pay Team
BNPL PAY

✔️The BNPL Pay Protocol is tapping into the uncollateralized lending sector. Join the future of DeFi Lending, Today.