Bitcoin Suisse has begun offering decentralized finance (DeFi) services to its customers with the addition of the Liquity protocol to its product lineup. This allows clients to post collateral of Ethereum (ETH) in the protocol to mint and borrow the stablecoin Liquity Dollars (LUSD).
In an announcement on April 20, according to Coin Telegraph, Bitcoin Suisse said it would perform all smart contract interactions and system monitoring on behalf of the customer and would allow the exchange of the borrowed LUSD token to any Paper currency.
Bitcoin Suisse is a centralized financial services and cryptocurrency services company founded in 2013 and headquartered in Switzerland that provides services such as trading, custody, lending and cryptocurrency hoarding to predominantly institutional investors.
Liquity is a decentralized finance borrowing protocol launched in April 2021 that allows users to post Ethereum collateral in its smart contract and borrow the original LUSD stablecoin at a zero percent interest rate. Liquity currently has more than $1.1 billion in total value embedded in its contract.
Bitcoin Suisse CEO Dirk Klee said the company is proud to have taken an important step toward providing decentralized solutions to its clients, saying: Decentralized finance brings significant improvements to services. traditional finance by being more open, transparent and more competitive.
The service was launched as a beta phase and Bitcoin Suisse says it is only available to a very small number of its customers with a borrowing amount set above $500,000.
