Blockdaemon, a leading supplier of crypto infrastructure, has taken over Expand.network, a single API connection in the versatile world of decentralized finances (Defi), with a view to allowing large financial institutions to seamless access to chain-trade.
The exact price paid for expansion was not revealed, but Blockdaemon said the deal was worth millions of dollars. Expand offers API access to Defi, which means that connections can be connected to more than 170 endpoints, including Dex’s, bridges, loan protocols and oracles.
While the long -awaited regulatory clarity in the US comes to crypto, banks and large financial institutions are considering a point of entry into the world of chain financing.
Blockdaemon, who counts banks like Goldman Sachs to its donors, helps around 70% of the top 500 institutions that are active in Crypto, including running more than 250,000 nodes in 40 data centers, as well as dealing with staking rewards, and more recently setting of Cross-Baptocers, self-insured.
The next logical step for banks and institutions offers easy access via Blockdaemon’s Interoperable, Stak-ready portfolios in the complex empire of Defi loans, borrowing and automated liquidity, said Konstantin Richter, founder and CEO of Blockdaemon.
“Defi will make the current financial infrastructure much cheaper for banks and institutions and it is where many institutional benefits will stay over time,” Richter said in an interview. “It is still very early and there is clearly much that still has to be done in terms of regulatory clarity, adoption and decentralization. But the time is good to speed up that specific vertical within our product suite.”
