A seasoned team of cryptographers and blockchain industry luminaries has now unveiled Minterest, a value-added lending and borrowing protocol designed to make DeFi fairer for users. The revelation of the new protocol follows a recent private fundraiser that saw the team behind the project raise US $ 6.5 million from leading investors including KR1, DFG, CMS, DigiStrats, FOMOcraft, Bitscale Capital, PNYX Ventures, CMT Digital and Capitale de la FacultÃ©.
The Korea IT Times asked Minterest CEO and Founder Josh Rogers about the key components of this architecture and where to focus on the next step.
What is Minterest? What does Minterest aim to do?
Minterest is a value-added lending and borrowing protocol specifically designed to make the decentralized finance (DeFi) industry fairer for users. Currently, nearly $ 225 billion is stuck in DeFi protocols. While this figure seems high, it represents just under 10% of global crypto assets.
Most of the DeFi lending and borrowing protocols in place have three shortcomings; they don’t capture or transmit the value generated by the protocol, they often lack cross-chain capabilities and deliver overly complex user experiences. Minterest aims to change that and in doing so will facilitate and promote widespread adoption of DeFi.
The Minterest protocol has a unique buyback mechanism by which it returns 100% of the income generated to its community of active participants. A key element of this architecture is its unique liquidation mechanism which is fully managed by the protocol rather than being delegated to external parties.
Minterest recently raised US $ 6.5 million. Tell me about this development.
In September 2021, the protocol secured a fundraising of US $ 6.5 million from leading investors following a private funding round. Minterest investors include KR1, Digital Finance Group (DFG), CMS, DigiStrats, Ellipti, Bitscale Capital, PNYX Ventures, CMT Digital and Faculty Capital. These investors are leaders in the blockchain and digital assets industry and we are truly excited to be working closely with them in the coming months to make our vision of a fairer financial ecosystem a reality.
Tell me a bit about your background and the Minterest team.
I have over 25 years of experience as a founder or founding member of start-up teams. Some of the companies I’ve been involved with include COMindico, the world’s leading point-to-point IP telecommunications company ($ 300 million increase), Oriel Communications, the world’s leading micro-billing content engine used for world’s first monetization of Big Brother 2 content, Mitchell Morgan, a financial technology and consulting conglomerate encompassing a digital agency for online digital platforms, Freelancer, the world’s largest independent marketplace, and HeyYou, the world’s largest independent marketplace, and HeyYou, the world’s largest independent marketplace. ‘home from Australia.
Of course, none of this would be possible without the amazing Minterest team. It is made up of seasoned professionals with over 50 years of experience and a proven track record in major blockchain and digital platforms including Cardano, Prysm Group and Chainlink. Our team also has members who bring in-depth academic and technical expertise, complemented by our world-class advisors, who have contributed to the development of many industries from scratch.
I am proud of what we have achieved so far and I am very excited for everything to come. In a next step, we will focus on growing the Minterest community and providing private access to the protocol to early participants and supporters.
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