Current partners with Acala to establish a new category of hybrid finance
By Pavithra R
New York-based leading challenger bank Current aimed to serve Americans overlooked by traditional banks has announced partnering with Acala, a decentralized finance platform built on the Polkadot blockchain network.
According to the company, the collaboration is the first of its kind and establishes a new category of hybrid finance (HyFi) that combines both traditional and decentralized financial applications.
“We created Current because we could see how money was being re-networked through new technologies. Our initiative with Acala allows us to flex this muscle we have been developing for the past six years,” said Trevor Marshall, Current Chief Technology Officer.
To ensure full trust in these products, Current will run its own infrastructure and join the active validator set on the Polkadot network. The integration with Acala is built directly into Current’s proprietary core banking platform, Current Core, which is designed to bridge closed-loop fiat systems to open platforms. This is expected to expedite the development of HyFi infrastructure designed to deliver value to Current’s nearly 3 million members.
Acala is an all-in-one DeFi network offering a blockchain platform secured by Polkadot, as well as a suite of cross-chain financial applications that let users trade, issue self-serviced loans, become liquidity providers, access staking derivatives, and earn high-interest APY on their digital assets. The network is optimized for DeFi and well-equipped to serve the growing demand for HyFi applications.
“Current is leading the way at the intersection of modern banking and decentralized finance. The integration between Acala and Current is a groundbreaking innovation, and we are excited to bring cutting-edge financial solutions to Current’s members. This is only the tip of the iceberg of the products we can build to blend traditional fintech and crypto-native products,” said Bette Chen, Co-Founder of Acala.
Founded in 2015, Current focus on creating better financial outcomes for people and their unique lives. Its custom-built banking technology platform Current Core makes this possible by providing greater stability, faster money and cost efficiencies that are passed on to its community of members. The firm is backed by investments from Tiger Global Management, Sapphire Ventures, Avenir, Foundation Capital, Wellington Management Company, QED Investors, EXPA and Elizabeth Street Ventures.
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August 12, 2022
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