The budding open finance sector built atop Ethereum grew even stronger today after ConsenSys Ventures-backed Nuo Network unveiled its first-of-its-kind product: non-custodial margin trading with up to 5x leverage.
Indeed, Nuo Network – a peer-to-peer marketplace to connect lenders and borrowers from across the world using smart contracts – has provided its users with the ability to long or short the crypto tokens and coins native to Bitcoin (BTC), Ethereum (ETH), MakerDAO (MKR/DAI), 0x (ZRX), Kyber Network (KNC), Augur (REP), Wrapped Bitcoin (WBTC) and Basic Attention Token (BAT).
Making this new margin trading solution that much more exciting is the fact that – by being powered by Uniswap and Kyber – it is non-custodial. This means – as today’s announcement explains – that “every time [users] place a margin trade, Nuo debt reserves provide leverage and Uniswap or Kyber fulfil the trade order.”
Getting to Know Nuo
Nuo launched its crypto banking platform, Nuo Bank, almost twelve months ago after the Indian co-founders – Varun Deshpande, Ratnesh Ray and Siddharth Verma – secured a combined $250,000 (USD) in seed funding from both the chief executive officer and managing director of online payment gateway provider, PayU India.
Around halfway through 2018, the Nuo team decided to apply for ConsenSys Ventures’ inaugural Tachyon Accelerator program. Having been accepted into the ten-week program, Nuo – equipped with an altered strategic outlook – was able to ship version two of its product last November.
Just weeks ago, Nuo launched its decentralized lending platform on the Ethereum mainnet. The announcement also saw the team disclose the successful raising of additionally seed funding worth $500,000. Investors included ConsenSys Ventures as well as the two initial seed investors from PayU.
Nuo enables lenders to earn interest on their crypto assets by locking up their tokens and provides instant crypto backed loans to borrowers.”
Watch a Video from the founders explaining Nuo Networks:
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