Progress continues behind the scenes building out the Proton Loan platform and creating the first native fiat integration for Proton wallet. As we get closer to launch, our timeline for this long-anticipated platform has shifted. We’d like to provide you with a detailed account of what has happened, what has changed, and what we are doing to bring these new features to you as quickly as possible.
Proton Loan
Proton Loan is a new decentralized lending market built on the Proton blockchain. Utilizing the cross-chain capabilities of Proton wrapped xTokens, Proton Loan makes it possible to deposit cryptocurrency in to lending pools to earn interest, and to take collateralized loans from cryptocurrency pools for BTC, ETH, USDC, USDT, XPR and XMT, with zero gas fees on the Proton blockchain.
Taking Proton Loan from idea to reality has been a complex process, and our team has made substantial progress in building Proton Loan for release in Q3. We’re in the final stages of fine tuning the new product and wanted to share a sneak peak of what the platform will look like when it is launched.
As we reach the end of Q3 2021, we have made the decision to spend some additional time working through refinements to the Loan platform so that it meets our high standards.
We are targeting a November release for Proton Loan, and will communicate any changes to this timeline if they occur.
Proton Blockchain’s First Native Fiat Integration
The ability to purchase cryptocurrency with your bank account or credit/debit card, instantly and without gas fees, is one of the most attractive and eagerly awaited parts of the Proton ecosystem. We know that our community has been awaiting this capability and so have we, as it is expected to be a major factor in influencing people to switch to the Proton ecosystem, driving Proton growth.
The deployment of Proton’s first native fiat integration has been contingent on the transition to our new cryptocurrency custody platform. This process was complex and required great care to ensure that our users were fully protected and supported at every stage of this conversion. This migration has taken longer than expected, and we completed for all Proton users this week, concluding this major upgrade.
With this critical work complete, we have resumed our efforts to deliver on the ability to purchase cryptocurrency with fiat, natively on-chain. We do not believe we can deliver a quality user experience that meets our high standards, in the remaining days of this quarter, and we do not want to rush what we believe to be a critical project to the cryptocurrency ecosystem.
With this delay, we can share some good news. While we paused the deployment of the first fiat integration in order to complete our new custody provider, we’ve continued to expand the scope of our planned fiat integration. We are planning to include native support for the purchase of more than 10 xTokens wrapped cryptocurrencies, using over 20 native global fiat currencies.
We are targeting a November release for Proton’s first native fiat integration, and will communicate any changes to this timeline if they occur.
We are excited to extend these capabilities into the hands of our community as soon as they are ready. Proton Loan, combined with the ability to natively purchase xToken wrapped cryptocurrency with fiat, will make our ecosystem more capable and powerful than ever before.
The future is bright for Proton, and we’re looking forward to working with the community to build upon the foundation that has been released.
Welcome to Proton, we’re glad you’re here.
