Compound Finance, one of the leading DeFi protocols, has launched Compound Treasury for businesses and institutional investors.
Compound Finance, one of the leading decentralised finance (DeFi) protocols, announced the launch of Compound Treasury yesterday. This product is designed to make it easier for businesses and institutions to enjoy the benefits of the DeFi ecosystem.
The development team announced the launch of the Compound Treasury via a Medium post yesterday. “Today, we’re proud to announce Compound Treasury, designed for non-crypto native businesses and financial institutions to access the benefits of the Compound protocol,” the team said.
Compound Finance partnered with Fireblocks and Circle to develop Compound Treasury in a way that would allow Neobanks, fintech startups and other large holders of US dollars to access the interest rates available in the USDC market of the Compound protocol.
The institutions and businesses can also use the Compound Treasury to enjoy protocol-related complexity, including private key management, crypto-to-fiat conversion, and interest rate volatility.
Trevor Marshall, Chief Technology Officer, Current, a leading United States challenger bank, said, “Working with Compound Treasury, we’ll be able to give our members access to the protocol’s interest rates through a simple and unified experience that can enable even more people to improve their financial outcomes.”
According to the Compound Finance team, Compound Treasury was launched following months of customer and regulatory compliance research. They have started accepting customers and plan to expand access to Treasury Accounts massively in the coming months.
The Compound Treasury product aims to make it easy for non-crypto financial institutions to provide the benefits of DeFi to billions of users globally. “We are extremely excited to work with our customers to navigate this enormous opportunity,” the team concluded.
The decentralised financial space has experienced massive growth in recent years. However, compared to the traditional financial system, the DeFi space is still small, but it is expected to grow and reach billions of people over the next few years.