Nimiq and Deutsche Bank TEN31 launch DeFi bridge in Q1

30. Dezember 2020 // von admin

Nimiq is an open source project that wants to make the sending of tokens and currencies as easy 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)

To this end, the project cooperates with the German TEN31 bank. TEN31 is a FinTech bank owned by WEG Bank AG. The aim of Crypto Engine Bank is to connect Decentralized Finance (DeFi) with the traditional world of finance. In doing so, they want to promote the mass adaptation of DeFi space. In addition, the two only made the registration-free purchase of crypto currencies by bank transfer possible in June of this year. An Interv i ew with the co-founder of Nimiq be found here .

To the crypto compass magazine

OASISgoes live in the first quarter of 2021. The project aims to make off-chain assets such as the US dollar, euro, share certificates, web domains and much more on a blockchain tokenizable. Simply put, Nimiq and the German TEN31 Bank make it possible to make assets from the traditional financial world programmable, which would also make it possible to use these assets in the DeFi space.

The technology should be accessible via an open and permission-free API as a building block for modern financial applications – how does the Nimiq and TEN31 project 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. When users hand over their capital to the trust party, the contract is automatically executed and exchanged for the desired currency. Since this system is anything but decentralized, the two partners want to integrate several trust 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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