Consensys backed Nuo.Network goes live on Mainnnet with WBTC support
We are super excited to announce Nuo.Network is now live on Ethereum Mainnet. Simply put, Nuo Network is now the most beautiful and easy to use Web 3.0 crypto lending product.
What is Nuo.Network?
Nuo is a decentralized lending platform, backed by Consensys Ventures. Nuo acts as a debt marketplace that connects lenders and borrowers from across the world using smart contracts. Nuo enables lenders to earn interest on their crypto assets by locking up their tokens and provides instant crypto backed loans to borrowers. Nuo is non-custodial with open source smart contracts and provides loans which are collateral backed.
Bitcoin Lending & Borrowing
WBTC, an initiative by Kyber, Ren, and BitGo brings greater liquidity to the Ethereum ecosystem including decentralized exchanges (DEXs) and decentralised financial (DeFi) applications. Nuo is supporting the community driven Wrapped Bitcoin (WBTC) initiative to enable WBTC lending and borrowing using smart contracts. This would be the first instance of bringing Bitcoin liquidity onto the Ethereum blockchain and enabling Bitcoin lending and borrowing in a trustless way.
Our goal is to make global lending possible in a fully decentralised way. We enable lenders from developed markets like Japan, earn higher returns than their savings account by lending to borrowers in emerging markets like Brazil, who can avail a loan at a much lower interest rate. We hope this global lending model unlocks massive economic growth and financial freedom.
We are also glad to announce that we recently raised a seed round of $500,000 from Consensys Ventures, early-stage venture funds and angels. Some of the investors include InCrypt, Astarc Ventures, Singapore Angel Network, along with some of India’s top angels Amrish Rau (CEO, Payu), Jitendra Gupta (MD, Payu), Sanjay Mehta (Mehta Ventures), Venu Palaparthi (Ex-VP, Nasdaq), Rajesh Chelapurath (MD, Ceera) and Prashant Malik (Co-creator, Apache Cassandra).
We have made massive strides in making Web 3.0 products more user friendly while being decentralised and transparent at the same time. We believe Nuo.Network would provide a way forward to create these new age applications for the entire dapp ecosystem.