DeFi Project Atlendis Lands $1M Loan From French National Bank BPI
Summary
French DeFi platform Atlendis has hit two significant milestones in its quest to reshape the future of finance.First, it obtained a PSAN, the French equivalent of a crypto services provider license, demonstrating its commitment to complying with Frances crypto regulations and aligning with the upcoming European regulations, MiCA.Notably, the PSAN registration served as a model for these new rules.Polygon-based Crypto Lender Atlendis Taps Fintech Banxa in New V2 Roll OutThe second milestone was securing a 1 million loan ($1,108,055.00) from the French public investment bank, BPI.These developments will fuel the growth of its newest product, Atlendis Flow, aimed at simplifying the decentralized lending protocol for institutional borrowers.The new product allows for direct crypto-to-fiat transactions, providing on-chain liquidity for real-world use cases. The move, like many early blockchain initiatives in the pure finance space, is expected to cut costs and make processes much quicker by automating everything on-chain.The traditional credit fund structure is also considered opaque, often only open to accredited investors.Atlendis aims to make that more transparent and accessible to all investors, so long as theyre willing to KYC themselves.Atlendis was initially lending funds on-chain to Web3 companies, DAOs, DeFi protocols, and market makers. However, the collapse of FTX and subsequent market turbulence prompted Atlendis to adapt and evolve its offerings.Last year, the Three Arrows catastrophe and the FTX case showed that the market was immature, Atlantis CEO Alexis Masseron told Decrypt.Addressing criticisms against DeFi, including comparisons with Ponzi schemes, they opted to move to a new model.It was just too risky, Masseron said. So, we basically closed all our former pools to go towards real-world assets and fintech companies.Specifically, Atlendis turned its attention toward the private debt market. "The registration will also let Atlendis set up wallets for borrowers to exit or enter directly from their bank accounts.When we were explaining to our clients that they need to install a wallet, then go to Polygon, they were saying that it was not their core business and they didnt want to hire people just to do that, said Masseron.Two fintech companies, Karmen and Fluna, are already benefiting from Atlendis services.Karmen offers non-dilutive growth financing to digital businesses, while Fluna serves as a pan-African trade finance marketplace, providing access to credit, market intelligence tools, and support for mid-market exporters in Africa.With many other companies ready to join, this trend is expected to onboard more non-crypto businesses onto the blockchain.Its not a matter of if but its a matter of when, Masseron said.