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Alkemi Network, which is a recently launched project aimed at bridging the gap between CeFi users with DeFi, recently announced a partnership with cryptocurrency exchange and lending vault platform, Nexus Markets. The partnership will allow Nexus users to access DeFi-sourced vaults via a familiar exchange interface.
Nexus Markets is now able to offer DeFi-level yields via its existing CeFi-based vaults, by utilizing the institutional-grade liquidity of Alkemi Network, combining the best aspects of both markets in terms of earning potential and accessibility. By using Ethereum, Wrapped Bitcoin and other stablecoins, Nexus Market users have the opportunity to work and earn a passive income. They can do so by committing their liquidity to the Alkemi Network integrated decentralized finance vaults.
The main aim of the integration is to allow users access the attractive yields in DeFi markets compared to traditional finance options. Normally, users would need to understand Web3 wallets, proper custody, gas prices, approvals and a host of other technical jargon to tap into these yields. However, in this case, the partnership will simplify the process by creating a bridge to the abovementioned yields while maintaining a Web2 interface. This has the potential to attract a higher number of potential users who may prefer the reliable Nexus Markets and its bank-grade compliance features.
As a result of the partnership, CeFi users can access DeFi liquidity in a trusted-counterparty environment. It also allows Nexus users to earn DeFi rates by participating in an institution-grade liquidity mining program via Alkemi Network. The integration between the two companies aims to maintain a compliant environment that provides an extra safeguard, allowing retailers and institutions to securely lend their assets and earn yields, both on and off the chain.
CEO and Co-Founder of Alkemi Network, Brian Mahoney thinks that the partnership will help Alkemi network unlock “DeFi yield opportunities for downstream users while building additional onramps to our on-chain ecosystem”. The company sees this collaboration as a potent recipe for continued Defi adoption in the world. Ian McAfee who is the CO-Founder and CEO of Nexus Markets and Shift Markets, was also optimistic about the partnership, adding that his company is proud to be leading the way for institutions and retailers to safely and securely access DeFi.
Launched out of stealth in April 2021, Alkemi Network seeks to provide a pragmatic solution to DeFi adoption for institutional clients. It broadens access to DeFi markets for finance professionals by adding much-needed features such as “permissioned pools” with known counterparties and advanced reporting.
About Nexus Markets
Nexus Markets is a crypto exchange originally created within FX exchange software provider, Shift Markets for the past four years. By leveraging their network in cryptocurrencies and foreign exchange, the team behind Nexus Markets has been able to produce a best-in-class global cryptocurrency trading exchange. The company is slowly breaking down global barriers holding back clients across FX and cryptocurrency markets by expanding into crypto borrowing and lending.
About Alkemi Network
Alkemi Network is aiming to build an institution-grade liquidity network for financial institutions and individuals to access professional DeFi and earn yields on Ethereum-based assets. Their main aim is to bridge CeFi and DeFi. Users can use its in-house protocol called Alkemi Earn(Earn) to borrow and lend using a permissioned liquidity pool consisting of ETH, WBTC and stablecoins and other digital assets. As part of Alkemi Network’s mission to allow every participant to join the decentralized financial ecosystem, it will allow users to access a secondary permissionless liquidity pool of digital assets at Alkemi’s event for token generation.
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