PARIS, May 16, 2023 - Today, Atlendis announced another milestone with the launch of the Atlendis protocol V2 on Polygon mainnet. The first borrower to open a liquidity pool on Atlendis V2 is Banxa, the leading on-and-off ramp solution for Web3. The Banxa pool opens with a $2M capacity in USDT.

Since launching a year ago, the Atlendis protocol has surpassed $6M in cumulative repaid loans and over 11,000 unique lenders.

What challenges does Atlendis address?

The limitations and high costs of borrowing associated with TradFi solutions mean that SMBs have often been excluded from obtaining loans and other non-dilutive forms of financing, negatively impacting not only their operations and cash flow, but also their ability to invest and grow. 

Atlendis harnesses the power of DeFi to reduce the complexity of financing for real-world businesses with proven track records that have historically been underserved by: 

• Unlocking new sources of liquidity by connecting real-world businesses to DeFi. 
• Allowing borrowers to access innovative financing use cases and solutions without the barriers of high costs and third-party intermediaries. 
• Enabling small businesses to borrow funds to meet their evolving liquidity needs without having to tap into cash reserves or to open their capital to investors.

What are Atlendis’ Revolving Credit Line Products?

Atlendis' order book model enables lenders to set their desired lending rate, while giving borrowers access to a fixed borrowing rate determined by the market. 

Through the creation of tailored lending pools, Atlendis offers Revolving Credit Lines (RCLs) to entities with short-term liquidity needs: 

• Borrowers have the flexibility to access their line of credit and borrow funds at any time up to a predetermined maximum borrowing limit. 
• When the borrower uses their credit line, a new borrowing cycle is initialized. 
• If the borrower doesn't use their entire credit line and the loan hasn't matured yet, they can still borrow more funds from their liquidity pool. 
• The borrowed amount plus interest must be paid by the maturity date. 
• Once the borrower repays the borrowed amount plus interest at maturity, they can start a new borrow cycle. 

What’s new in Atlendis V2?

Atlendis V2 represents a significant upgrade to the RCL product in Atlendis V1, enhancing the usage and adaptability of the protocol. Key improvements include the ability to tailor the protocol to the unique needs of borrowers, while also offering more flexibility for lenders. Maintaining essential features such as decentralized rate discovery and NFT positions, Atlendis V2 addresses a wider range of financing use cases, unlocking new opportunities to better serve lenders and borrowers alike.

New features include: 

• Flexible exit for lenders: lenders no longer need to wait for the end of a loan cycle and repayment of their position to exit the loan cycle.
• Ability for borrowers to roll over their loan: borrowers can rollover their loan without having to repay the totality of their loans after each cycle.
• Liquidity pool compliance options – permissionless or Know Your Business (KYB) and Know Your Customer (KYC) gated pools.
• Additional information and increased due diligence on each borrower of the protocol.

Banxa on Atlendis

Banxa’s credit line on Atlendis will be exclusively used to finance the growing needs for liquidity to support the significant growth of their daily transaction volumes. Banxa’s management team ensures a clear demarcation between operational expenses and liquidity needs.

“Atlendis continues to improve the Atlendis protocol, simplifying access to DeFi for borrowers and lenders, making funding more accessible for real-world businesses while unlocking new yield opportunities for liquidity providers,” said Alexis Masseron, Co-Founder & CEO of Atlendis Labs. “We are thrilled to welcome Banxa, a leading publicly traded company in the crypto industry as our first borrower on Atlendis V2.”

"Banxa is strategically focused on long-term sustainability, and as our business continues to expand, we are excited to collaborate with Atlendis to secure additional working capital for liquidity needs. This partnership enables us to consistently deliver exceptional service to our growing customer base during this pivotal phase of our company's growth," emphasized Domenic Carosa, Founder & Chairman of Banxa Holdings.

“As a publicly traded company, Banxa adheres to robust regulatory, compliance, and reporting standards, providing an added layer of protection for Atlendis pool lenders. Banxa is poised for remarkable progress, and our collaboration with Atlendis underscores our dedication to sustained growth and delivering exceptional value to our stakeholders," continued Carosa. 

Discover the Banxa pool on Atlendis.

Atlendis will host a Community Call and AMA session to present V2: 
Date: May 17th
Time: 1pm CEST
Atlendis Labs’ Twitter Spaces

Additional resources: 
Atlendis V2 whitepaper
Atlendis V2 documentation 

Audit reports

Security is a focal point for the Atlendis Labs development team. The Atlendis protocol V2 has recently undergone two audits with Trail of Bits and Nethermind, that will be published soon.

###

About BANXA Holdings Inc.

Banxa's mission is to accelerate the world to Web3 with its leading global on-and-off ramp solution. Through its extensive network of local payment solutions paired with the required crypto licences, Banxa gives its partners and projects access to global audiences with less friction and higher conversions. Banxa has a global team of Web3 natives - with operating headquarters in the USA, Europe and APAC regions.

For further information go to www.banxa.com.

About Atlendis Labs 

Atlendis is a capital-efficient lending protocol connecting DeFi with real-world use cases. Atlendis fills the gap that traditional finance (TradFi) has not been successfully able to cover. Leveraging blockchain technology and open banking, Atlendis enables Fintech and institutional actors to open dedicated liquidity pools and access one-time loans and revolving lines of credit, thus facilitating alternative financing for the growth and development of SME and startup customers across the globe. Atlendis makes it possible for any lender to control their portfolio while earning sustainable yield and making a meaningful impact helping real-world businesses. 

Sign up for updates from Atlendis Labs here.
Follow Atlendis Labs on: Twitter, LinkedIn, Discord.
Discover Atlendis. 

Media Contacts 

Victoria Calmon
Atlendis Labs
victoria.calmon@atlendislabs.io
 

Ethan Lyle 
Wachsman / Banxa
banxa@wachsman.com 

Disclaimer: 

Peer-to-peer loans of digital assets through the Atlendis smart contract are subject to a loan agreement between the lender and the borrower. The loan agreement shall comply with the standards of the Atlendis protocol specified in the terms of use of the platform. In the event of default by the borrower to comply with their repayment obligations under the loan agreement, the lender shall be entitled to all legal resources provided for by the law applicable to this agreement.

Crypto lending comes with associated risks that must be taken into account and assessed carefully before entering a lending position on the protocol. It is recommended to seek professional advice from a legal and/or financial advisor. For more information, refer to Atlendis’ documentation.