Paycer to combine DeFi and Cryptocurrency with conventional banking services
By Joy Dumasia
Paycer, a Hamburg-based financial services firm specialized in cryptocurrencies and Decentralized Finance (DeFi), is currently developing a bridge protocol that will aggregate DeFi and cross-chain crypto services and combine them with traditional banking services. Expected to come online in early 2022, the protocol will feature a range of novel financial products designed to help retail clients reap the rewards of the DeFi market.
Providing full interoperability across multiple blockchains, the protocol and platform will feature the full range of financial services, including crypto wallets, bank accounts, lending, liquidity pools and most importantly, streamlined access to the lucrative DeFi market.
“Using DeFi can be pretty difficult, even for those in the IT industry. Our mission is to bring high DeFi yields to retail clients who aren’t invested in cryptocurrency yet,” Paycer’s CTO Nils Gregersen says. “We’re also targeting investors who are already in crypto but who still haven’t jumped on the DeFi bandwagon.”
As part of the rollout of its DeFi protocol, Paycer will also be offering a utility token (PCR), which will generate real value for platform users, where token-holders will enjoy voting rights. Four per cent of these tokens are available for pre-sale (at a discount), and another 5 per cent will be offered in a subsequent public sale. Paycer will use some of its profits for token buybacks, thus ensuring steady demand and stable prices for its flagship cryptocurrency.
“Since Paycer believes in a regulated implementation, the PCR utility token was designed in accordance with the applicable German financial laws in cooperation with a specialized blockchain law firm. The token was also sent to the German Federal Financial Supervisory Authority (BaFin) for review”, says Gregersen.
One of the platform’s most attractive features is that it promises to offer exceptionally high-interest rates; this will come as a relief to many retail investors, who will be able to use the Paycer protocol to tap into DeFi and thereby generate viable passive incomes.
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