Clearpool and Jane Street Launched a Permissioned Pool Focusing on KYC Compliance

Clearpool launched five Permissionless Pools and established its first permissioned pool. This allows institutional lenders to get yields of up to 15% by staking USDC. Jane Street Capital, a global proprietary trading firm that aims to enter the cryptocurrency market, was a partner in the project.

Permission pool

Clearpool, a decentralized capital market provider, launched a permissioned pool Tuesday. This allows borrowers who have higher Know-YourCustomers (KYC), requirements to access funds lent by institutional partners.

The press release states that the initial funding for the pool was $25 million USDC. It will soon increase to $50 million. To earn the 15% APR yield in CPOOL (the protocol’s utility token and governance token), users can stake USDC.

Clearpool partnered with Jane Street, a quantitative trading company with over 1,700 employees, as well as BlockTower Capital an investment firm focused crypto and blockchain. The protocol called the launch a “watershed moment” for DeFi.
Clearpool was launched on Ethereum less than two months ago. It primarily facilitates institutional borrowing and the lending of digital assets. Permissionless Pools, Clearpool’s previous program, allows “whitelisted institutional borrowers” to become liquidity providers (LPs) and compete with institutional lenders for lucrative yields. The protocol’s partners include primarily traditional finance professionals with intuitions.
Clearpool LP tokens (called cpTokens in the release) were added to the release. They are essential building blocks for a system that tokenizes credit and manages on-chain risks.

KYC Compliance

This release stressed the importance of KYC compliance for traditional financial institutions looking to enter DeFi. Protocol positions the tool’s launch alongside the two regulated institutions to signal it will be the bridge between traditional finance, and decentralized finance.
Clearpool CEO Robert Alcorn promised more, saying that “it is only a beginning of what Clearpool can achieve as we continue innovating and growing liquidity and risk management capability across the digital asset landscape.”
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