Eidoo Wallet, pNetwork, and SmartCredit.io Thrive in an Exciting New Partnership
In furtherance of our vision of remaining one of the industry’s leading non-custodial wallets, we here at Eidoo, together with pNetwork, entered a new strategic partnership with SmartCredit.io aimed at extending the reach of our respective service offerings to a broader range of customers while providing more features and accessibilities to them.
The partnership is coming at the heels of the growing yield farming trend and the need for cross-chain compatibility across blockchain projects.
Most notably, the partnership offers immense benefits to the three brands, providing an avenue for the increase in our respective tokens' market capitalization and use cases.
Meet the Partners
Eidoo is one of the fastest-growing crypto wallet providers that supports a plethora of tokens from various blockchains, such as Bitcoin, Ethereum, and all Ethereum-based digital assets.
Being non-custodial means that our users have sole control of their private keys. In 2020, Eidoo partnered with Visa to launch the first-ever non-custodial crypto debit cards on Layer 2.
pNetwork is a cross-chain bridging technology that allows the transfer of digital assets and information across 10+ blockchains, including Bitcoin, Ethereum, EOS, and Polygon.
Through pTokens, an asset natively available on a particular blockchain can be transferred to other blockchains. Such assets are not limited to cryptocurrencies; they also include NFTs.
On the other hand, SmartCredit.io is an Ethereum-based DeFi borrowing platform that focuses on fixed-term loans, fixed-interest loans, and DeFi Fixed Income Funds (FIF).
Since its launch in 2017, SmartCredit.io has been making giant strides in the peer-to-peer lending industry, offering competitive services to its users.
Why Is This Partnership Important for Eidoo?
Eidoo and pNetwork share the same utility token, PNT, which has a total volume locked (TVL) of $220+ million. As a benefit of the partnership, members of the Eidoo ecosystem can use PNT as collateral for taking DeFi fixed income loans. Other key benefits of the partnership are:
Eidoo users can take fixed-term/fixed interest loans directly from their wallets
Eidoo users can lend money directly from their wallets via the Fixed Income Funds on a fixed term/fixed interest basis.
Eidoo users can earn additional bonus rewards in SMARTCREDIT tokens for lending and borrowing from their wallet
This integration translates into the increased utility of PNT tokens. The PNT tokens used as collateral for borrowing will be locked for the term of the loan and thus taking it out of circulation while increasing its TVL.
Why the Partnership Is Important for SmartCredit.io
As a fast-growing DeFi borrowing platform, SmartCredit.io currently has 12,500+ registered users compared to Eidoo’s 500,000+ app downloads. So, the partnership represents a strategic plan to increase SmartCredit.io’s user base, mainly through Eidoo’s large and continuously growing community.
In addition to integrating PNT as collateral for fixed-term borrowing, SmartCredit.io will:
Integrate pNetwork’s pBTC as collateral for fixed-term borrowing
Integrate SmartCredit.io into Eidoo app
Make its SMARTCREDIT token spendable on eidooCARD, increasing its utility
Donate SMARTCREDIT tokens to Eidoo Debit Card Airdrop
Non-custodial wallets like Eidoo are gaining increasing patronization in the industry due to the enhanced security they offer users.
As such, the partnership between Eidoo, pNetwork, and SmartCredit.io is quite symbiotic as the three brands get to benefit from it significantly.
The integration among their platforms is set to launch at the end of the first quarter (Q1) of 2022.