Ethereum-based loan service Porter Finance has announced that it will close its bond issuance platform due to insufficient demand.
CEO of Porter Finance, an Ethereum-based lending service Jordan Meyerin a blog post on July 5 bond issue platform announced that they will close.
Meyer says the reason for this move is that the market is yet to be offered by Porter Finance. fixed income DeFi to products that you are not ready said they were thinking. CEO in the bond market that they cannot compete with traditional financiers for rates. and in this area where the market is not yet relevant He said they did not want to take legal responsibility.
Jordan Meyer said that the closure of the platform Ribbon DAO before this closing of the bonds offered will not be affected stated. Ribbon DAO that it will continue to meet its obligations CEO, for Ribbon bonds in circulation:
The application available at https://app.porter.finance will continue until the legal settlement period of the Ribbon DAO bonds. The intervention of the Porter Finance team is not required during the payment and settlement of the Ribbon DAO bonds. You can find the smart contract here. If you plan to interact directly with the Agreement, please contact us first.
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