DeFi Project Launched by Banker Alexander Lebedev

Developers have launched the DeFi project InDeFiEco, which positions itself as “an independent decentralized financial ecosystem”. Previously, it received investment from Russian entrepreneur and banker Alexander Lebedev.

According to the white paper, the project will offer services of traditional financial institutions through the mechanics of cryptocurrency projects and decentralized finance. The ecosystem will include the following products:

• loans secured by crypto assets;
• cryptocurrency deposits with a fixed rate;
• yield farming;
• insurance;
• stablecoins;
• derivatives.

InDeFiEco runs on the Ethereum blockchain. At the core of the system is a governing smart contract that defines the rules of interaction among participants. It is also to monitor borrowers’ compliance with a given jurisdiction while fully adhering to AML/KYC procedures, according to the documentation.

Only IDF token holders will be able to influence the governance model. The IDF issuance will total 10 million. Seventy percent will be allocated to ecosystem participants, with the remaining 30% shared among the founders, the project team, and a reserve fund. Distribution among participants is performed automatically, reflecting each contributor’s contribution to development.

“Any liquidity provider seeking to supply their crypto assets to earn yields interacts directly with the main system smart contract, earning interest on their funds and the opportunity to participate in the distribution of governance tokens,” according to the white paper.

To safeguard users’ assets, InDeFiEco promises audits by third parties.

It is claimed that the InDeFiEco team, in collaboration with Binance Smart Chain developers, will implement a zero-cost-transaction solution, enabled by a universal bridge between the Ethereum and Binance Smart Chain networks.

Earlier, Lebedev announced in September the creation of a large-scale DeFi project designed to address the chronic problems of the traditional financial system.

He noted that the global banking community had become an “anti-bank,” whose job is to siphon off clients’ funds and launder dirty money.

Along with partners, he expressed willingness to invest up to $15 million in InDeFiEco.

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