Stuttgart, Germany / Access Wire / January 13, 2022 / Founded by the German blockchain company Tokenfabrik (www.tokenfabrik.de), the Pragmafy Association has announced a $ 1 million mortgage loan, the first successful asset-based lending transaction on its platform. The funds raised were used by borrowers to purchase additional crypto mining hardware to grow their business. The newly acquired hardware itself acts as collateral for the loan.
The transaction involved three parties (lender, borrower, seller) and was executed on the chain using the Pragmafy protocol. As a result, activities on the chain included the loan agreement itself and its associated collateral. Payments made by smart contracts include all cash flows and installments. This milestone is a major move in the protocol on its mission to redefine finance and bring automated decentralized financial trading processes to the mechanical economy and smart ecosystem.
Focusing on cryptoreal world asset (cRWA) finance, Pragmafy’s first transaction is for Singapore-based cryptomining finance company M Credit Pte Ltd. to execute its latest transactions entirely digitally. Provided the ideal infrastructure for. Creditors transfer US $ 1 million through Pragmafy’s infrastructure at 9am CET on January 12, using an Ethereum-based NFT token agreement that holds the original loan agreement as evidence and collateral. The transaction was executed by. The first loan will be adjusted through smart contracts with all future repayments.
The loan transaction occurred within Pragmafy’s pilot project phase. This is intended to test the company’s business hypothesis. Enables real-world asset lending and liquidity financing through a decentralized crypto network. Pragmafy focuses on enabling cRWA financing for cryptocurrency miners, data center infrastructure, and other crypto hardware such as helium gateways and filecoin infrastructure. Pragmafy aims to be a reliable solution for borrowers and lenders to connect with participants from both TradeFi and DeFi in a simplified and reliable way. On the DeFi side, Pragmafy’s approach creates new yield opportunities within DeFi by connecting the crypto ecosystem to real business.
Pragmafy’s first idea was developed by Tokenfabrik and further refined in the 2021 Outlier Ventures BaseCamp Accelerator Program. Through the program’s network, Pragmafy gained access to a crypto mining ecosystem that significantly supports the project’s market development strategy.
According to Pragmafy co-founder and association president Dimitrios “Dimi” Chatzianagnostou, the deal proves that both the technology and the project introduced are ready to produce results. “After a short period from August 2021, we were able to build a competent team, contact our trading partners and finally carry out this important transaction in the first protocol module. Looking forward to future opportunities and potential new transactions in 2022. ”When asked about further business prospects, Dimi said in both the cRWA funding area and digital asset projects with traditional industrial players. Mentioned a strong tailwind.
Thomas Ka Seng Ao, founder of MCredition, said: Reduced processes, intermediaries, increased efficiency and reliability. “
About Pragmafy (Www.pragmafy.io)
Pragmafy is a technology protocol that uses Distributed Ledger Technology (DLT) to enable borrowers and lenders to connect and execute asset-based lending transactions. Community-led networks solve the funding needs of companies operating crypto real-world assets (cRWA), such as mining equipment and data centers, and bridge the gap between emerging crypto-native industries and traditional financial institutions. The emphasis is on.
contact address:
Jocelyne Royer
Tokenfabrik
jocelyne@tokenfabrik.de
Source: Tokenfabrik UG
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https://www.accesswire.com/683346/First-Machine-Backed-1M-Loan-in-DeFi-Transacted-Through-the-Pragmafy-Platform
