ConsenSys Unveils Codefi Project to Enter DeFi Ecosystem

Asia Blockchain Review
September 20, 2019
ConsenSys Unveils Codefi Project to Enter DeFi Ecosystem

With awareness for decentralized finance (DeFi) higher than ever, Ethereum Co-Founder Joseph Lubin unveiled his latest project through ConsenSys that will offer a new product suite called Codefi, which allows businesses to process payment data with more ease.

Promoting Greater DeFi Adoption

According to Coindesk, Lubin announced the Codefi project at a press conference at Ethereal Tel Aviv on September 15, 2019, revealing that “Ethereum is a shared execution space and we should also be building things that synergize.”

He also said Codefi is a new step towards developing the DeFi ecosystem, adding that existing DeFi systems, such as Uniswap and MakerDAO, are “some of the industry’s most important developments”.

Meanwhile, Lex Sokolin, Co-Head of Global Fintech at ConsenSys, said the Codefi software suite is comparable to Stripe or Twilio, in that it allows businesses to process payment data.

“As ConsenSys has matured, it’s finding its business model,” Sokolin said. “This is us putting a flag in the ground about what we want to be doing in the market.”

Product Suite to Drive Crypto Use

ConsenSys disclosed that the Codefi product suite comprises four parts: data, networks, assets, and payments. While it has not made any announcements on prospective clients or revenue goals, the new product suite is geared at enterprise customers looking to process payments made with cryptocurrency, as well as fiat payments through blockchain-based systems.

“There have been many spokes [startups] and projects that have tried to build things, they did the pioneering work. ConsenSys has learnings from them,” Sokolin revealed.


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