As it reshapes the future of banking, the French decentralized finance (DeFi) network Atlendis has reached two important milestones. The first success was obtaining a PSAN license, a French term for a cryptographic services provider license. The license showcases Atlendis’ dedication to French crypto laws. It also aligns with the upcoming European MiCA legislation.
Notably, the PSAN registration for Altendis served as a guide for creating the new crypto rules. This highlights the platform’s pioneering role in upholding legal requirements and promoting an atmosphere of trust and transparency.
The second significant accomplishment for Altendis was obtaining a loan from the French public investment bank, BPI, for €1 million (about €1,108,055.00). The expansion of Altendis Flow, the company’s most recent product, will be fueled by this capital infusion. Through this cutting-edge product, the platform seeks to make the decentralized lending protocol for institutional borrowers simpler.
Direct crypto-to-fiat transfers are made easier by Altendis Flow, which also offers on-chain which also offers on-chain liquidity for practical use cases. Altendis aims to drastically cut expenses by automating activities on-chain and speed up transactions. The platform seeks to address the opaque nature of conventional credit fund arrangements, which are frequently unavailable to non-accredited investors.
Altendis mandates Know Your Customer (KYC) processes for all investors as part of its dedication to regulatory compliance. The platform aims to enhance investment transparency and accessibility. This strategy aligns with its goal effectively.
Initially, Web3 businesses, DAOs, DeFi protocols, and market makers were the main recipients of on-chain lending from Altendis. In response to market turmoil from FTX and Three Arrows, the platform modified its services.
Enormous risks in the prior loan approach led CEO Alexis Masseron to seek fresh alternatives. Altendis focused on the expanding private debt market, valued at over $1.5 trillion.
Atlendis Drives Blockchain Integration for Non-Crypto Enterprises
The platform closes the gap between its protocol and consumers’ bank accounts with the addition of Altendis Flow. This integration provides an off-ramp for online customers and enables a seamless custody process.
To integrate non-crypto enterprises onto the Altendis platform, obtaining the PSAN license was essential. The well-received French cryptocurrency regulatory framework improved the platform’s legitimacy and attracted more non-crypto enterprises.
Two fintech businesses have already used Altendis’s services: Fluna and Karmen. While Fluna acts as a pan-African trade finance marketplace helping mid-market exporters in Africa with credit access and market intelligence tools, Karmen offers non-dilutive growth funding to digital enterprises.
Altendis hopes to bring additional non-crypto corporations onto the blockchain as more organizations have expressed interest in joining, indicating a larger trend of rising adoption and recognition in traditional financial circles.
CEO Masseron underlined that Altendis’ efforts have attracted significant attention and that the integration of blockchain into traditional enterprises is inevitable. The platform’s accomplishments represent an important step toward widespread acceptance and recognition within the banking sector.