Many blockchains, one credit line
Summary
Why it matters: As crypto-powered credit services get more sophisticated, that should eventually put pressure on the traditional banking system to lower fees for users. • "I think the infrastructure were building right now will be critical to replacing a lot of legacy financial systems that could benefit from being decentralized," Colton Conley, Prime Protocols founder, told Axios in an interview. • Prime Protocol aims to refine DeFi a bit more, but crypto lending still has a long way to go before it can match the liquidity and flexibility of traditional finance. • Similarly, in February, Primex Finance, which also wants to improve margin trading for decentralized exchange users, announced a $5.7 million seed round led by CoinFund and Stratos Technologies. • Conley is not yet disclosing which of those chains it will use, but, based on those conditions, its a safe bet to rule out Ethereum, the largest and best known smart contract blockchain.
