PAID is proud to announce its partnership with OIN Finance, a cross-chain decentralized stable coin issuance platform based on Ethereum. OIN is exploring DeFi technology to create a multi-faceted stablecoin issuing platform that empowers blockchain projects of all sizes to issue their own stablecoin autonomously by collateralizing their native tokens.
The new partnership will allow OIN to explore and adopt PAID SMART Agreements and apply them across its business infrastructure to improve existing processes and enhance efficiency. OIN will also prepare agreement templates integrated into PAID’s DApp signed on-chain after its launch. In return, PAID will work closely with OIN to create a new optimized stablecoin called USDP launched closer to when PAID’s escrow and SMART Agreement toolbox are ready.
Richie Li, co-founder of OIN Finance commented:
“We at OIN are always looking to see what exciting developments are happening within the crypto space. As we progress at a lightning pace, we see the absolute benefit of having a standardized agreement structure with a great arbitration process such as the SMART Agreements. Along with a project as successful as PAID joining the OINDAO, we’re excited to see how we can implement the solutions we both bring, and to see the synergies played out.”
Kyle Chasse, CEO of PAID Network, had the following to say:
“Partnering with OIN has solved a major pain point we have had since the inception of the idea, how to stabilize value for escrow, insurance and related product offerings while simultaneously adding value to our ecosystem. We understood the need from the very beginning, as in a fairly large amount of scenarios, users would want to ensure the dollar value of their engagement — especially to reach true mass adoption and reach users who are not currently into cryptocurrencies.
OIN allows us to do exactly that. Users will be able to lock up PAID tokens in order to mint USDP (the PAID stablecoin). They can then use this stablecoin for anything they choose, including PAID business services such as our escrow, borrowing and insurance. They’ll also be able to use USDP for the lending and borrowing elements of the platform, to maintain the stability necessary for efficient DeFi. This brings our DeFi services full circle and couldn’t have asked for a better partner than OIN.”
OIN brings great DeFi functionality, such as stablecoin issuance to blockchain projects through a multi-faceted infrastructure. We empower projects, large or small, with access to the next step of the blockchain revolution: decentralized finance.
About PAID Network
PAID Network seeks to redefine the current business contract, litigation, and settlement process by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID. Leveraging Plasm to operate on both Ethereum and Polkadot ecosystems, SMART Agreements built through smart contracts execute DeFi transactions and business agreements seamlessly, making business exponentially more efficient.
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