FinNexus strategically partners with Elrond Network to provide wider access to DeFi products.
FinNexus has strategically partnered with Elrond network, an open platform with high output and execution speeds. Elrond introduces two key innovations: A novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism.
Through the partnership the two parties will explore areas of cooperation including the integration of FinNexus products with the Elrond network and the creation of bridges to bring assets from Elrond to the FinNexus ecosystem. Together the two organizations will work towards providing wider access to DeFi products built by FinNexus, and to bringing additional DeFi use cases to the Elrond ecosystem. The assets native to Elrond such as ETFs, Derivatives, Credits and tokenized assets, could potentially be used inside the FinNexus ecosystem, which would enable the use of Elrond’s products for investment, financing, asset management and risk hedging.
Elrond has partnered with Binance for $BUSD which will use the Elrond Standard Digital Token model, which makes token transfers as fast and inexpensive as the native protocol coin.
FinNexus’s partnership with Elrond could potentially enable the use of $BUSD for investing in real-world tokenized assets, and for hedging the risk of FinNexus’s BTC options platform. The integration could help promote wider use of FinNexus’s options platform by leveraging Elrond’s global community, while also bringing exciting new applications to Elrond’s users.
As strategic partners, both teams will work towards a common mission of bringing FinNexus’s innovative DeFi products to market while also securing smart contracts and decentralized applications in the Elrond ecosystem through reliable, low-cost, scalable, and faster execution time provided by the Elrond Network.
About Elrond
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permission-less, borderless, globally accessible internet economy.
For More Information about Elrond, please check-out their social media channels:
Official website | Telegram channel | Twitter
About FinNexus
FinNexus is building an open finance protocol to power hybrid marketplaces that trade both decentralized and traditional financial products. The FNX token will live on the Wanchain blockchain to take advantage of the most robust cross-chain capabilities currently available in the industry. The first products FinNexus will release are innovative tokenized assets with value based on real world cash flows that live on Wanchain and XRP Ledger. The second product to be released is a fully decentralized bitcoin options model.
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