Netherlands-based banking and finance giant ING Bank has taken its interaction with the crypto money sector one step further. ING’s CIO speaking at Singapore FinTech Festival Annerie Vreugdenhill He stated that the company has started to take steps in decentralized finance. The CIO has made many statements about the crypto industry before, but this step actually shows how determined and planned the bank is.
ING Bank Will Provide DeFi Based Loans
Stating that they met with the regulator of the Netherlands that oversees the financial markets, the CIO emphasized that the bank is waiting for approval for the DeFi-based peer-to-peer lending protocol. This shows that a central financial institution has stepped into the decentralized finance sector in a way that can be officially regulated.
Although Vreugdenhill stated that they want to somehow start the peer-to-peer credit system, he emphasized that it will not be Bitcoin-focused. This actually turned all eyes to the Ethereum network and the center of DeFi. Stating that lending will be done with different collateral rates, the CIO stated that this will be done with assets that are not as volatile as Bitcoin and gave a clue for stablecoins.
ING, which manages more than $1 trillion in assets, showed that the Aave protocol can actually be used with a whitepaper it published earlier this year. Aave is one of the largest lending platforms in the industry and it would not be surprising if ING Bank uses it. Vreugdenhill, who praised the DeFi industry for its ability to make payments 24/7 without borders, signaled that other banks could enter this field.
