DeFi platform FinNexus and cryptocurrency exchange Bitrue has announced a partnership to expand their services portfolio and to tokenize real assets on XRP Ledger (XRPL).
FinNexus made the announcement in a press release on Monday, April 27. According to the announcement, real assets such as real estate or tangible assets will be tokenized into digital assets on XRP Ledger and Wanchain blockchain.
According to FinNexus, the first project will be FNX token, an asset equipped with “a unique conversion mechanism that both sustains the price of FNX and also gives users an opportunity to modify the risk level of their investment portfolio at any time.”
“A glaring deficiency of the DeFi ecosystem is its lack of asset-backed tokens. FinNexus will utilize XRP’s robust interface with fiat currencies to enhance the usability of digital assets that tokenize actual cash flows. This proof of concept, initiated in partnership with a prominent Indonesian lending platform, will be released soon.”
Bitrue will hold a token launch sale on May 11 for the native utility token of FinNexus. To celebrate the launch, Bitrue announced that will be 5% when a buyer makes purchase with BTR, Bitrue native token.
Bitrue said that there will be 5 activities to mark this occasion. First, a user can part of the 200,000 FNX referral pool by inviting friends to sign up on Bitrue and participate in the FNX token sale. Second, there will be an airdrop 100 FNX tokens for those who hold at least $100 in total assets on the Bitrue platform. Other activities include a social media sharing rewards, an AMA session of Bitrue CEO Curis Wang and FinNexus team, and a grand prize draw.
Curis Wang, CEO of Bitrue, commented:
“Innovation has always been at the heart of Bitrue, from the introduction of our Power Piggy product that gives ordinary investors a chance to earn while they sleep, to our adoption of XRP as a base currency, we’re always on the lookout for new ways to bring value to our users. We’re excited to be working on yet another cutting edge and unique financial product.”
FinNexus, founded by Wanchain, a leading global public blockchain, and Superatom, an Indonesia-based fintech enterprise, is building a suite of innovative layer-3 protocol clusters to bridge decentralized and traditional finance.
Boris Yang, CEO of FinNexus, commented:
“Supplying investors with a diverse range of quality assets for different investment strategies is very important in the post-COVID-19 market. We will use advanced blockchain and legacy system protocols to make more assets accessible on-chain throughout the world.”
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