French DeFi project, Atlendis, recently celebrated the attainment of two pivotal milestones: securing a €1 million loan from the French public investment bank, and obtaining a crypto services provider license. The Public Systems of Digital Asset Registration (PSAN) registration stands as not just a compliance achievement, but also as a groundbreaking template for future regulatory guidelines.
Why is the PSAN noteworthy? This license allows Atlendis to bring non-crypto companies on board, a move that promotes transparency and broadens the reach of the DeFi platform. An important caveat, however, is the requirement for the process known as Know Your Customer (KYC), which invariably imposes an extra layer of operations.
Atlendis seems primed to redefine decentralized lending protocols with its newest offering, Atlendis Flow. Betting on a strategic pivot to the less risky, but potentially more profitable private debt market, the platform’s move is a calculated effort to avoid lending to high-risk entities like Web3 firms and DeFi platforms. Instead, the target now appears to be real-world assets and fintech companies. This refocus was stimulated by the circumstances surrounding the collapse of FTX, prompting Atlendis to reconsider its approach.
Atlendis Flow seeks to simplify crypto-to-fiat transactions, providing an efficient, automated method of on-chain liquidity. The possibility of cost savings and increased efficiency could draw in more users. However, the potential complexity inherently associated with these transactions must be addressed.
Perhaps the unsung genius in the Atlendis narrative is the bridging role that Atlendis Flow plays between the Atlendis protocol and users’ bank accounts. Opportunities are opened to non-crypto businesses to venture into the blockchain space. The shot in the arm provided by the PSAN license bolsters Atlendis’ position, leading the onboarding process for these companies.
Atlendis seems to have cracked the code by eliminating the necessities for intricate wallet installations and Polygon interactions, thereby projecting an attractive image to businesses seeking blockchain advantages without battling technical challenges. To date, fintech businesses like Karmen and Fluna have come on board, paving the way for blockchain absorption among non-crypto ventures. However, only time will tell how soon this alluring trend will galvanize the expected new epoch of blockchain adoption.
Source: Cryptonews
