German financial services firm Paycer is developing a bridge protocol to combine decentralised finance (DeFi) and cross-chain crypto services to integrate them with traditional banking services.
The new platform and protocol will offer a wide range of financial services such as crypto wallets, bank accounts, lending, liquidity pools and access to the DeFi market.
Expected to go live in early 2022, the protocol, Paycer claims, will provide ‘high-interest rates’ to allow retail customers to generate passive incomes.
It will support ‘full interoperability’ across multiple blockchains, Paycer added.
Paycer CTO Nils Gregersen said: “Our mission is to bring high DeFi yields to retail clients who aren’t invested in cryptocurrency yet. We are also targeting investors who are already in crypto, but who still haven’t jumped on the DeFi bandwagon.”
To address the risks associated with cryptocurrencies’ volatility, the new platform will help customers assess the viability of new DeFi products.
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Additionally, it will conduct several checks and automatically shift users’ away from risky investments.
Concurrently, Paycer plans to offer a utility token (PCR), which can be staked on the Paycer DeFi platform to earn staking rewards.
Gregersen noted that the new token “was designed in accordance with the applicable German financial laws in cooperation with a specialized blockchain law firm. The token was also sent to the German Federal Financial Supervisory Authority (BaFin) for review.”