New York-based leading challenger bank Current announces partnerships with Acala, a decentralized finance platform built on the Polkadot blockchain network.
The collaboration established a new category of hybrid finance (HyFi) that combines both traditional and decentralized financial applications. In order to ensure the full trust of products, Current will run its own infrastructure and join the active validators.
“We created current because we could see how money was being re-networked through new technologies. Our initiative with Acala allows us to flex with muscles we have been developing for the past six years,” said Trevor Marshall, Current Chief Technology officer.
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Acala is an all-in-one DeFi network offering a blockchain platform secured by Polkadot. Also, suite cross-chain financial application that let user trade, issue self-serviced loans, liquidity providers, and earns high-interest APY. Optimization is done in-network for DeFi and to serve a growing demand for HyFi application.
“Current is leading the way at the intersection of modern banking and decentralized finance. The integration between Acala and Current is a groundbreaking innovation, and we are excited to bring cutting-edge financial solutions to Current’s members. This is only the tip of the iceberg of the products we can build to blend traditional fintech and crypto-native products,” said Bette Chen, Co-Founder of Acala.
