Atlendis DeFi project secures €1 million loan from French state bank

The French state investment bank BPI has provided a loan of €1 million to Atlendis, an institutional DeFi lending platform. This was reported by Decrypt.

The organization also obtained a local license as a crypto-asset service provider — PSAN. Notably, the document served as the basis for the regulatory framework MiCA, approved on 20 April.

The funds will be directed to the development of its Atlendis Flow project, which enables direct crypto-fiat transactions. The product acts as a bridge between the protocol and clients’ bank accounts, according to project representatives.

The Atlendis service is available only to accredited investors and requires undergoing a mandatory identity verification process.

Two fintechs — Karmen and Fluna — are already using the protocol’s services.

Earlier, the project lent funds to Web3-companies, DAO, other DeFi protocols and market makers. However FTX collapse and subsequent market turmoil prompted Atlendis to change its business model.

The protocol’s chief executive Alexis Masseron noted that in search of a replacement for the unstable market, the organization turned its attention to the private debt sector. He said this is a vast field with a volume of around $1.5 trillion.

As a reminder, in April, Standard Chartered’s crypto custody subsidiary Zodia Custody raised $36 million in a Series A funding round. In 2021, the company obtained a license from the UK’s Financial Conduct Authority.