This Project is under scam alert, advised not to invest.
The Paradefi was founded in January 2020 which is introduced as a decentralized lending platform. In early August, they have raised nearly 2 million in an angel investor round led by InvestCapitalCN and ZenChain
A decentralized lending startup named Paradefi has raised over $1.2 million by InvestCapital and PowerTech to support the decentralized borrowing and lending algorithmic protocol for decentralized finance(Defi)
Paradefi’s mission is to develop an automatic pool-based lending algorithm where lenders and borrowers interact with each other in a decentralized lending pool. The vision is very clear, they aim to unbank the banked and bank the unbanked.
The existing similar project would be MakerDao, Compound, and Aave has been a craze over the last 2 years. “Paradefi virtually empowers people to access digital-financial services with autonomy. Our platform is fully controlled by the smart contract, not like other banks are controlled by centralized-financial system” Paradefi co-founder, Kwok Yuen Ho said. “Moreover, fiat on-ramp and off-ramp integration are the solutions to resolve the liquidation barrier, this is one of the most frequency asked questions we got during the meeting with angel investors and capitalists”
Increasing the adoption by improving the transparency and efficiency of the decentralized platform
The Paradefi protocol vision is also to increase the mass adoption of cryptocurrency and to develop a user-friendly platform even for non-crypto investors. Fast liquidation with fiat is one of our key features for a completely decentralized, transparent, and wealth-generating environment to grant the community to approach high annual-percentage-yield(APY). Shan Wu, Paradefi CEO sai:
“For a long-term run and securely benefit the citizens joined the platform, we are not only focusing on the decentralized features but also fo builds more defi products. A derivative exchange would be a big surprise when the Dapp goes live”
Why Defi is growing fast?
We have seen exponential growth with nearly 5 billion locked in it. It has become a trend that a significant number of venture capital firms got involved with so many innovative defi projects. Defi has now resolved all the barriers that the traditional banking system has been facing for decades.
Official Website: Paradefi.network