French DeFi project Atlendis hit two major milestones as it secured a €1 million loan ($1,108,055.00) from the French public investment bank along with obtaining a crypto services provider license.
Atlantis obtained PSAN, committing to complying with France’s crypto regulations and aligning with upcoming European regulations, MiCA.
PSAN License Enables Onboarding Non Crypto Firms
The PSAN registration also serves as a model for the formulation of new regulatory guidelines.
This license enables Atlendis to onboard non-crypto companies, making it more transparent and accessible to all investors, provided they undergo the required Know Your Customer (KYC) process.
Atlendis Flow, the latest offering from the platform, presents a breakthrough in decentralized finance as the project aims to simplify decentralized lending protocols for institutional borrowers.
By enabling direct crypto-to-fiat transactions, the product provides on-chain liquidity for real-world use cases, promising cost savings and increased efficiency through automation.
The platform’s move towards the private debt market signals a strategic shift away from lending to high-risk entities, such as Web3 companies and DeFi protocols, and instead aims to focus on real-world assets and fintech companies.
FTX Collapse Served as A Wake-Up Call For Atlendis
The collapse of FTX and market turbulence served as a wake-up call for Atlendis, prompting the company to reevaluate its offerings.
CEO Alexis Masseron acknowledged the criticisms directed at DeFi, including comparisons to Ponzi schemes, which led to the development of a new approach. Recognizing the high risks associated with their previous lending model, Atlendis took measures to safeguard investors’ interests and moved towards the more stable and lucrative private debt market.
With Atlendis Flow acting as a bridge between the Atlendis protocol and customers’ bank accounts, the platform opens up new opportunities for non-crypto businesses to enter the blockchain space.
The PSAN license played a crucial role in facilitating the onboarding of these companies, granting Atlendis a strong foothold in the market.
Eliminating the need for complex wallet installations and Polygon interactions, Atlendis made it more appealing to businesses seeking to leverage blockchain technology without facing technical barriers.
Atlendis has already begun providing its services to fintech companies like Karmen and Fluna.
Karmen offers non-dilutive growth financing to digital businesses, while Fluna serves as a pan-African trade finance marketplace, supporting mid-market exporters with access to credit and market intelligence tools.
With numerous other companies eager to join the platform, this trend is expected to usher in a new era of blockchain adoption among non-crypto businesses.
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