Bittime – Startup Zest Protocol actually got a breath of fresh air. This startup company, which focuses on Bitcoin asset lending and borrowing services, has succeeded in securing funding of US$3.5 million (around Rp. 50 billion) from well-known investors.
Tim Draper, a veteran Silicon Valley investor who has bet on SpaceX, Tesla and Coinbase, led the funding round through his firm Draper Associates. Not only that, Zest Protocol also has support from crypto giants Binance Labs and Flow Traders.
Tim Draper, Founder of Draper Associates, speaks during the Web Summit, a technology conference, in Rio de Janeiro, Brazil, May 3, 2023. REUTERS/Pilar Olivares/File Photo Purchase Licensing Rights
Why is it Important?
The influx of fresh funds for Zest Protocol signals bright potential for the future of crypto-based financial services, especially the lending sector. This comes at a time when the United States regulator, the Securities and Exchange Commission (SEC) , is intensively monitoring crypto lending platforms which are considered to operate like traditional financial institutions.
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Different Business Models
According to Zest Protocol founder Tycho Onnasch, his company's approach is different from the crypto lending platforms currently under scrutiny by the SEC. Zest Protocol operates in a decentralized manner, which means that lending and borrowing transactions can be carried out directly between users (peer-to-peer) without intermediaries.
Benefits for Bitcoin Investors
The Zest Protocol platform will allow its users to lend their Bitcoins or borrow Bitcoins with the Bitcoins they hold as collateral. Thus, users can utilize their Bitcoin holdings to earn passive income instead of selling them.
Onnasch emphasized that Zest Protocol will employ a “very conservative” return strategy. This signals a more cautious approach than other crypto platforms that have offered returns of up to 20% in the past.
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The Future of Bitcoin
Tim Draper, a seasoned investor, is enthusiastic about the potential of Zest Protocol. "I don't just want to hold Bitcoin, I want to use it," Draper said in a statement. "I've done a lot of experiments to use Bitcoin productively, but it's not easy."
The presence of Zest Protocol and the enthusiasm of investors like Draper further strengthens the view that Bitcoin is developing into an asset of interest to financial institutions. Not only that, a Bitcoin-based economic ecosystem is starting to form.
How to Buy Crypto from Bittime
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You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What Is Crypto Lending, Crypto Loans?
Delphi: Modular Lending and the Future of DeFi Money Markets
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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