Home CryptoCurrency News Ethereum – ConsenSys Announces Codefi Decentralized Finance Suite During Ethereal Summit

Ethereum [ETH] – ConsenSys Announces Codefi Decentralized Finance Suite During Ethereal Summit

Major Ethereum development studio ConsenSys will be launching a new product suite for commercial applications specifically in the decentralized finance field called Codefi. Lex Sokolin, ConsenSys’s global lead in Fintech spoke during the Ethereal Summit held in Tel Aviv in Israel over the weekend.

According to Sokolin, the new suite will be used specifically to “help institutions build on top of blockchains and emerging DeFi networks and take these solutions not to thousands but to billions of people that can benefit from them today,” he said on Sunday. ConsenSys hopes that Codefi will become “the blockchain operating system for commerce and finance.”

Sokolin went as far as comparing the new suite with Stripe and Twilio during a press conference at the summit. Stripe is a payments applications. It seems that ConsenSys is aiming to become a software developer in the payments niche and specifically targeting enterprise clients.

“As ConsenSys has matured, it’s finding its business model,” Sokolin said. “This is us putting a flag in the ground about what we want to be doing in the market.”

The Codefi product suite will be made of four parts: Payments, payment networks, data and analytics, and digital assets that represent equities, real estate, and bonds. ConsenSys is already serving clients in the commercial applications niche utilizing blockchain technology. For instance, through its KomGo SA project, the company is working with several energy companies that are seeking secure and reliable means to transfer know your customer data over the blockchain.

Not only this but also ConsenSys recently joined the Hyperledger Consortium in which it will help develop enterprise-grade applications and collaborate on projects that are built on the Ethereum blockchain. ConsenSys’ co-creator Joseph Lubin was appointed to the governance board of the Hyperledger board as part of the deal to join the consortium.

ConsenSys is already supporting the development of DeFi applications such as Infura and BlockApps. Codefi will, however, be an in-house project developed specifically by ConsenSys engineers meaning that the revenues from the new suite will be fully absorbed by ConsenSys. Sokolin explained that the development of Codefi stemmed from the market gap that ConsenSys noticed between blockchain startups’ products and enterprise clients’ needs.

“There have been many spokes [startups] and projects that have tried to build things, they did the pioneering work. ConsenSys has learnings from them,” he said.

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