Nimiq and German bank TEN31 to launch DeFi bridge in Q1

Reading Time: 2 minutes ;  Published: 2 years ago on January 11, 2021

Nimiq is an open source project that aims to make sending tokens and currencies as straightforward as possible. This should become a reality in the first quarter of 2021.

In 2021, Nimiq wants to make this a reality with the Open Asset Swap Interaction Scheme (OASIS). For this purpose, the project is cooperating with the German TEN31 Bank. TEN31 is a FinTech bank of WEG Bank AG. The goal of TEN31 Bank is to connect Decentralized Finance (DeFi) with the traditional financial world. By doing so, they aim to drive mass adoption of the DeFi space. In addition, just this June, the two made it possible to buy cryptocurrencies via bank transfer without having to register. An interview with the co-founder of Nimiq can be found here.

Nimiq and TEN31 to build a DeFi bridge

OASIS will go live in the first quarter of 2021. The project aims to make off-chain assets such as the US dollar, euro, stock certificates, web domains, to be tokenizable on a blockchain. Simply put, Nimiq and Germany's TEN31 Bank are thereby making it possible to make assets from the traditional financial world programmable, which would make it possible to use these assets in the DeFi space as well.

The technology is to be accessible via an open and permission-free API as a building block for modern financial applications – how does the project by Nimiq and TEN31 work? OASIS is inspired by the so-called Hashed Time-Lock Contracts (HTLC). HTLCs are special smart contracts that enable atomic swaps with fiat currencies and cryptocurrencies. By users handing over their capital to the escrow party, the contract is automatically executed and exchanged for the desired currency. Since this system is still anything but decentralized, the two partners want to integrate several more escrow parties into the ecosystem in the future. This would then allow users to freely choose from a wide range of different assets.

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