Nimiq and German bank TEN31 launch DeFi bridge in Q1
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Nimiq is an open source project that wants to make sending tokens and currencies as 1K Daily Profit uncomplicated as possible. It aims to make this a reality in the first quarter of 2021.
In 2021, Nimiq wants to make this a reality with the Open Asset Swap Interaction Scheme (OASIS). For this, the project is cooperating with the German TEN31 Bank. TEN31 is a FinTech bank of WEG Bank AG. The goal of TEN31 Bank is to connect Decentralised Finance (DeFi) with the traditional financial world. In doing so, they aim to drive mass adoption of the DeFi space. In addition, just this June, the two made it possible to buy cryptocurrencies via bank transfer without having to register. An interview with Nimiq’s co-founder can be found here.
Nimiq and TEN31 build DeFi bridge
OASIS goes live in the first quarter of 2021. The project aims to tokenise off-chain assets such as the US dollar, euro, share certificates, web domains and more on a blockchain. Simply put, Nimiq and the German TEN31 Bank are making it possible to program assets from the traditional financial world, which would make it possible to use these assets in the DeFi space.
The technology will be accessible via an open and permission-free API as a building block for modern financial applications – how does the project of Nimiq and TEN31 work? OASIS is inspired by so-called Hashed Time-Lock Contracts (HTLC). HTLCs are special smart contracts that enable atomic swaps with fiat currencies and cryptocurrencies. When users transfer their capital to the escrow party, the contract is automatically executed and exchanged for the desired currency. Since this system is still anything but decentralised, the two partners want to integrate several trust parties into the ecosystem in the future. This would then make it possible for users to freely choose from a wide range of different assets.