Tendermint Announces Investment in Tgrade to bolster Cosmos’ growing DeFi ecosystem

By 14/05/2021June 2nd, 2021No Comments

Tendermint, a builder of critical state-of-the-art infrastructure for open distributed applications, has announced their strategic investment in Tgrade, a blockchain framework focused on regulated decentralised finance (DeFi). Developed by Confio, the team behind CosmWasm, a secure interoperable smart contract engine, Tgrade is a solid foundation for developers to deploy DeFi products, such as pegs and automated market makers, using the robust CosmWasm engine.

By creating highly secure, developer-friendly tooling for the next generation of multi-blockchain applications, including robust self-governance, Confio’s long-term mission with the development of Tgrade is to develop new financial instruments with smart contracts, bringing liquidity from traditional finance and regulated markets through governance and regulatory frameworks into the DeFi world.

Martin Worner, COO and VP of Product at Confio said,The rise of DeFi will shape the future of finance through programmable financial instruments and peer to peer trading. The size of traditional markets of trillions in volume dwarf the nascent DeFi markets and the biggest barrier is the lack of regulatory frameworks in public chains for regulated institutions to take part. Tgrade has the regulated markets as a focus and a clear path of how to embrace regulations. We are honoured that Tendermint has backed Tgrade and believes in the vision that is being delivered by a trusted and experienced team. We are dogmatic in our vision of bringing decentralized finance from ‘trustless’ to ’trustworthy’, and this funding will secure our path to launching Tgrade.”

Tendermint’s foremost mission is to build the foundation for a new token economy which serves as the backbone to high value public blockchains, and a robust smart contracting platform will be an integral part of the Cosmos ecosystem. The Tgrade investment symbolizes a growing partnership between Tendermint and Confio, applying the power of CosmWasm to bring about powerful DeFi use cases and showcasing what is possible to Cosmos and the wider cryptocurrency ecosystem.

“We’re excited to help launch Tgrade, a core element of the Cosmos DeFi ecosystem. The Confio team has a stellar track record of delivering on expectations, and we’re confident that a permissionless Wasm smart contract environment will greatly increase the value of the ecosystem. Tendermint is in the business of supporting the development of sustainable blockchains, and we’re looking forward to seeing the growth of Cosmos evolve with the launch of Tgrade” concluded Peng Zhong, CEO of Tendermint.

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