NetCents Technology (CSE: NC) is getting involved in the world of decentralized finance, or DeFi. The company this morning entered an agreement with Vesto, Inc, which will enable the company to enter the realm of DeFi investing on its platform.
Decentralized finance, as per the company effectively allows users to become lenders or borrowers in a “decentralized fashion.” Through the use of smart contracts, it enables people to lend or borrow money without the use of a central authority, as is currently standard in the world of finance. It also enables lenders to achieve higher than 1% interest on their savings offered by commercial banks, with funds instead able to ear “market based rates.”
Through the partnership agreement, Netcents is looking to provide users with a portal to the Vesto infrastructure from its wallet platform. The goal is to “facilitate user adoption of DeFi investing in an efficient and easy to understand interface.” The company is clear in stating that it will only operate with regulatory approval.
The arrangement is currently classified as being a letter of intent, which proposes a joint venture between the two firms. There is also reportedly an option for NetCents to take a stake in Vesto, and hold a significant position in the firm at a later date. Further details of the arrangement were not provided.
NetCents Technology last traded at $0.96 on the CSE.
Information for this briefing was found via Sedar and NetCents Technology. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
