Clearpool launched unsecured loans on Polygon
Clearpool has announced the launch of its collateral-free lending on Polygon, the scaling solution for Ethereum. The launch provides users with an improved experience and greater capital efficiency.
The innovative DeFi protocol will be accessible to institutional borrowers and a decentralized network of lenders. This is the first time that the large-scale institutional DeFi solution has moved to the Ethereum-enabled scaling platform.
Over $180 million in institutional loans have been issued by Clearpool since its launch on the Ethereum network in March 2022. The list of users includes major crypto institutions and TradFi.
It can be expected that the improved platform scalability and user efficiency will catch on after the integration.
Robert Alcorn, CEO and co-founder of Clearpool, called the launch a milestone as it has been part of their plan since day one. Robert Alcorn added that the integration would help the platform bring institutional DeFi to the Polygon ecosystem.
The integration will also help take Clearpool to the next level in user adoption and efficient access to the lender network.
When combined, all of the updates will improve funding diversification for borrowers, leading to greater efficiency in Clearpool’s ecosystem. It is backed by leading global investors such as HashKey Capital, Arrington Capital and Sequoia Capital India, to name a few.
Clearpool offers more effective opportunities to attract new borrower profiles to DeFi. The opportunities allowed users to manage and hedge risk through unique concepts, namely tokenized credit and single borrower liquidity pools.
Clearpool’s goal is to bridge the gap between the traditional borrow-and-lend market mechanism and modern DeFi.
Another recent launch came in partnership with Jane Street. The launch was its first authorization pool. Another company to join the partnership was BlockTower Capital. Clearpool was designed to be a cost-effective, scalable, and transparent-to-integrate multi-chain protocol that millions of users can access. The blockchain integration with Polygon is the first after launching on Ethereum, enabling faster and more cost-effective transactions for Clearpool’s decentralized network and its users.
A list of current borrowers for Clearpool includes but is not limited to:-
- FBG Capital
- Jeanne Street
- winter mute
New Borrower Pools will not launch after deployment to Polygon. One such name includes Parallel Capital, details of which will be announced shortly.
The launch will be followed by the exclusive limited time promotion where lenders of the launched genesis liquidity pools will be able to reap rewards in MATIC in addition to interest earned on USDC and CPOOL LP rewards.
Hamzah Khan, Head of DeFi & Labs at Polygon, said the team aims to onboard 1 million customers on Web3, and only players like Clearpool can help lead the way. He added that the team innovated at the forefront of on-chain borrowing and lending by providing a decentralized marketplace for unsecured institutional capital.