Reef Chain, Reef Finance’s newest venture, provides a custom next-generation blockchain network for DeFi applications to enable developers to harness the full potential of DApps.

Built on Substrate, Reef Chain makes it natively compatible with the vast Polkadot Network ecosystem, one of the most important blockchain platforms.

Additionally, Reef Chain is compatible with Ethereum Virtual Machine (EVM), which allows dApps developers to port their existing applications on Ethereum on Reef Chain without any changes to the underlying code.

Once Credefi is deployed on Reef Chain, users will be able to enjoy optimal performance and forget about the high transaction rates inherent to second-generation platforms like Ethereum.

Regarding Credefi’s integration of Reef Chain, Ivo Grigorov, Co-Founder and CEO at Credefi noted that “Building on Reef Chain allows us to leverage lenders and liquidity across multiple blockchains, enable them to easily transfer funds to Reef Chain and take full advantage of the low rates and other capabilities that Reef Chain offers. ”

“The Credefi team strongly believes in the huge potential of bridging crypto lenders with real-world SME borrowers. Credefi can act as a platform that unites the DeFi and TradFi space, no matter where in the world lenders and borrowers are located, allowing them to solve the challenges that both face together ”, concluded Grigorov.

Credefi is the world’s first DeFi platform to take a robust hybrid approach to the fundamentals of financial stability and security. Credefi has designed a system that allows to lend and borrow money on a decentralized platform where the interest is determined by the individual risk appetite of the users.

The platform gives CREDI token holders full control over their portfolio, allowing them to choose which risk profile of credit portfolios to lend stablecoins to, from low risk to high risk. With risk assessment and credit score data in hand, lenders will be able to make an informed decision about which portfolios to allocate their funds to.

For his part, Denko Mancheski, CEO of Reef Finance pointed out regarding the new integration that “The Credefi platform provides stablecoin lenders with predictable returns based on their own risk tolerance, and provides borrowers with access to lenders willing to work with them based more on data and less on sentiment and nepotism. The Reef Finance team is eager to support Credefi’s journey as it is rolled out on the Reef Chain and to attract users to the platform. ”

He also added that “Borrowing money from banks has always been plagued with problems: relationships matter more than fundamentals, high interest rates, harsh penalties, etc.”, which is why he sees Credefi as an important actor to consider in the world of decentralized finance.

Credefi will be deployed to Reef Chain in the months ahead, following the platform’s official launch in Q4 2021. Leveraging the team’s vast experience in banking, financial services and government, the Credefi platform fills an overlooked niche in a space that urgently needs better solutions for borrowers and lenders alike.

About Credefi

Credefi connects crypto lenders with SME borrowers from the fiat economy. The protocol resolves the key challenges that DeFi and TradFi are facing today: DeFi’s inconsistent, fragile yields that evaporate in bear markets and speculative borrowers that are fickle and cannot satisfy DeFi lending supply; as well as the difficulty for SMEs to get TradFi funding at normal interest rates.

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About Reef Finance

Reef Finance is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.

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