- Current and Acala joined hands to build a hybrid finance.
- The integration of Acala will be built directly into Current Core, the core platform.
- Current will run its own infrastructure and join an active validator set on Polkadot.
Current, a leading US fintech company, announces its partnership with Acala, a decentralized finance platform built on the Polkadot network. With this partnership, they aim to establish a new category of hybrid finance (HyFi) combining both traditional and decentralized finance applications.
To ensure the full trust of these products, Current will run its own infrastructure. Moreover, they will join the active validator set on the Polkadot network.
Apart from this, Current Core bridges closed-loop fiat systems to open platforms. Hence, it will help the development of HyFi infrastructure with nearly three million members. Current’s CTO Trevor Marshall stated,
We created Current because we could see how money was being re-networked through new technologies. Our initiative with Acala allows us to flex this muscle we have been developing for the past six years
In addition to this, Acala is an all-in-one DeFi network offering a blockchain platform in Polkadot. Acala offers a suite of cross-chain financial apps that let users trade and issue self-service loans. Meanwhile, Current is leading the way on modern banking and DeFi. Current is a leading US financial technology company serving the needs of Americans. Of note, Current’s investors are Andreessen Horowitz, Tiger Global Management, TQ Ventures, Wellington Management, QED Investors, and much more. Acala on the other hand has backing from Coinbase Ventures, Pantera Capital, Polychain Capital, Hypersphere, and other top firms, and has a distributed team in New Zealand, China, Europe, Brazil, and the United States