CryptoLocally teams up with UniLend to enhance its Defi Offering!
- Via UniLend integration, CryptoLocally will integrate ERC-20 based staking into their Finance Wallet
- CryptoLocally expands the possibilities of P2P exchange by pioneering new DeFi integrations
- As interest in cryptocurrency spreads throughout India, UniLend and CryptoLocally team up to cultivate a P2P community there
CryptoLocally and UniLend have announced a partnership to add additional features to CryptoLocally’s Finance Wallet. The partnership will utilize UniLend’s lending and borrowing services to integrate more ERC-20 based staking within the Finance Wallet. With CryptoLocally having partnered with Idle last month, it’s exciting to see proprietary technologies working together to bring more capabilities to the Finance Wallet to provide an even better experience for users. Partnerships enable more diversity on the backend and strengthen the overall functionality of the Finance Wallet, making UniLend’s technology a welcome addition to the product.
CryptoLocally is focused on offering frequent enhancements to the P2P trading platform and to the Finance Wallet to become a leader in the blockchain space. As the first P2P exchange platform to integrate a DeFi product, CryptoLocally already expanded the possibilities for P2P exchanges while providing an easy way for users to earn staking rewards on their crypto assets.
As part of the partnership, CryptoLocally will be adding UniLend’s native token, UFT (Unilend Finance Token), as a tradable token on the CryptoLocally platform, making it the first P2P platform to offer UniLend. UniLend’s token will have multiple use cases related to governance, platform utility, and more. This addition expands CryptoLocally’s token offerings even further.
UniLend and CryptoLocally share common goals, including the commitment to building and growing P2P communities all over the world. In this drive, UniLend and CryptoLocally have decided to build and grow a P2P community in India together. As one of the largest countries in the world in terms of population and with growing interest in cryptocurrency, India is poised to make an even bigger impact on the cryptocurrency space in the coming years. Building a P2P community there will help accelerate the international adoption of cryptocurrencies and increase user acquisition for both companies.
What is UniLend?
Currently, there’re many assets not participating in the DeFi ecosystem. UniLend seeks to unlock the full potential of DeFi as a permissionless and decentralized protocol. It combines spot trading services and money markets with lending and borrowing services through the use of smart contracts.
UniLend supports and offers comprehensive functionality for a vast range of digital assets. On the UniLend platform, any ERC-20 token will be able to list without any entity controlling the listing process. Users can also actively lend tokens to earn interest rates or pay interest to borrow tokens. A corresponding trading pair on UniLend’s platform enables the spot trading function.
The protocol will be governed by its token holders through proposals. This will ensure adjustments to the protocol are made with a majority consensus. When users provide liquidity, they receive fees in proportion to their liquidity pool stake.