The budding open finance sector built on top of Ethereum has realised yet another milestone, with ConsenSys Ventures-backed Nuo Network launching non-custodial margin trading with up to 5x leverage.
Indeed, Nuo Network – a peer-to-peer marketplace connecting lenders and borrowers from across the world using smart contracts – has enabled its users with the ability to long or short the crypto tokens and coins native to Bitcoin (BTC), Ethereum (ETH), MakerDAO (MKR/DAI), 0x (ZRX), Kyber Network (KNC), Wrapped Bitcoin (WBTC), Augur (REP), and Basic Attention Token (BAT).
Making the new margin trading solution even more exciting is the fact that – by being powered by Uniswap and Kyber – it is non-custodial. This means – according to their announcement – that “every time [users] place a margin trade, Nuo debt reserves provide leverage and Uniswap or Kyber fulfil the trade order.”
Introducing Non-Custodial Margin Trading with upto 5x Leverage. Bitcoin’s killer app is now on Ethereum Mainnet.
— Nuo Network⚡ (@getnuo) February 19, 2019
Know More About Nuo
Nuo launched its crypto banking platform, Nuo Bank, almost twelve months ago after the Indian co-founders – Ratnesh Ray, Varun Deshpande, and Siddharth Verma – secured a combined $250,000 (USD) in seed funding from both the CEO and managing director of online payment gateway provider, PayU India.
Around halfway through 2018, Nuo decided to apply for ConsenSys Ventures’ inaugural Tachyon Accelerator program. Having been accepted into the ten-week program, Nuo – equipped with an altered strategic outlook – was able to ship version two of its product last November.
During January, Nuo launched its decentralised lending platform on the Ethereum mainnet. The announcement also saw the team disclose a successful raising of additionally seed funding worth $500,000. Investors included ConsenSys Ventures as well as the two initial seed investors from PayU.
“Nuo enables lenders to earn interest on their crypto assets by locking up their tokens and provides instant crypto backed loans to borrowers.”
The following video explains more about what Nuo is building:
Nuo represents a pivotal addition to the emerging Ethereum-powered open finance (or, DeFi) space. They arrive as a project that is very similar to bZx, a 0x- and Kyber-powered decentralised margin trading protocol. Differentiating itself from bZx is the fact Nuo also offers users the ability to short or long bitcoin (BTC).
It certainly is an exciting time for blockchain engineers and smart contract developers in India. Aside from Nuo’s team of six, Hyderabad-based InstaDapp has also begun catching the community’s attention in early 2019. Their team of five developers (each aged between 18 and 21!) are currently building out a decentralised bank on top of the MakerDAO protocol. The team also created a sleek MakerDAO explorer known as MakerScan.