Crafting Finance is a synthetic asset issuance protocol and contract trading platform based on the Polkadot contract chain. It uses DOT, KSM, BTC, ETH and the CRF issued by the project as collateral, and synthesizes any cryptocurrency or off-chain assets such as stock, bonds and gold through smart contracts and oracles.
👉The first synthetic asset Protocol on Polkadot https://t.co/danyVaCgmp #blockchain #Polkadot #Ethereum #Layer2 #parachain #Kusama #Web3 #Crypto #Developer #DeFi #definews #CryptoNews #Decentralization #ecosystem #rococo #substrate #Phala #acala
— Crafting Finance (@CraftingFinance) April 16, 2021
Users can forge a certain synthetic asset, as we call RAFTs, such as U.S. dollars, by collateralizing DOT, KSM, BTC, ETH or CRF, which automatically becomes a long position in the asset. Users can also convert minted assets into other assets through the trading platform, so as to achieve the purpose of shorting the asset and longing other assets.
Talking about this investment, Tony Montana – Co-founder of Illusionist Group said: “Synthetic assets have become one of the most popular DeFi use cases, and we have been following their developments since the beginning. Crafting Finance is a high quality project with a strong, well – managed and resilient team, and for sure we would like to accompany them to quickly accelerate their growth and expansion.”
About Crafting Finance
Crafting Finance, developed on the the Polkadot blockchain, it will use DOT, KSM, BTC, ETH and the CRF issued by the project as collateral, and synthesizes any cryptocurrency or offchain assets such as stock, bonds and gold through smart contracts and oracles, users can exchange various synthetic assets in Kingsman. Kingsman is one of the Crafting Finance products, a synthetic assets trading platform, with the concept of “SDP” (Sharing Debt Pool), characterized by almost unlimited liquidity and zero slip point of trading. The innovation of synthetic assets transactions in Kingsman will make a more flexible and strategic way for users to participate.
About Illusionist Group
Illusionist Group is the capital behind PolkaWarriors – one of the biggest communities of $DOT hodlers around the world. It is a global blockchain and digital asset investment firm, which focuses on ventures, tokens, projects, as well as the growth of the cryptocurrency market. Based in Vietnam, Illusionist Group has extensive history in global fund distribution, combined with our strong relationships and partnerships with investors, venture capitals, leading academic institutions and fund platforms can create values to support technical teams having robust and innovative projects, which helps to grow a larger and stronger blockchain ecosystem.