PACT Protocol Announces Launch on Aptos Network

With the launch of the PACT Protocol on Aptos Network today, licensed lenders in emerging economies will have access to fully on-chain lending and securitization infrastructure on the high-performance blockchain. After nine months of incubation and cooperation with the Aptos Foundation, this launch brings more than $1 billion in on-chain assets onto Aptos.

In addition to ensuring that borrowers, originators, and institutional investors can function in a transparent, effective, and scalable financial environment, PACT helps lenders to originate, securitize, and service loans more efficiently. The Aptos Foundations incubation experiment, which supports and scales high-impact blockchain ventures, has PACT as its inaugural partner. Aptos Labs offered technical and strategic advice for the collaboration.

Global finance is being revolutionized by on-chain credit infrastructure, especially in emerging markets where 85% of the worlds population still cannot access traditional banking services. PACT is increasing loan availability in underserved communities by debuting on Aptos, which will lower borrowing costs and increase accessibility everywhere.

This partnership is expanding financial access to those who need it most users who live in emerging markets across the globe, said Ash Pampati, Head of Ecosystem, Aptos. Im thrilled to see the impact it will have on the Aptos ecosystem and beyond.

This is what real-world blockchain adoption looks like, said Solomon Tesfaye, Head of Capital Markets at Aptos Labs, who provided strategic consultation for the partnership. PACTs integration with Aptos provides a transparent and scalable solution that reduces costs and expands credit opportunities for underserved communities worldwide.

PACT selected Aptos because of the networks institutional-grade architecture, scalability, and adoption by the finance industry. Aptos guarantees smooth credit flows while preserving security and dependability with its Move programming language, which supports native USDC and USDT, has high-profile interfaces, and can handle large transaction volumes with little expense. BitGo, the preferred security and operational backbone for over 1,500 institutional clients across 50 countries, is used by the PACT Protocol for custody and compliance.

Thanks to the PACT Protocol, Fintech lenders, institutional investors, and capital market players can issue, manage, and securitize loans directly on-chain, lowering costs and increasing access to international credit markets. PACT has quickly expanded into one of the biggest on-chain lending ecosystems, enabling the origination of billions of loans through integration with DeFi platforms, stablecoin issuers, and huge institutions.

Through an official 1:1 token bridge, all current PACT holders can move their tokens to Aptos. The bridge will soon be accessible, and comprehensive instructions will be given. PACTs overall supply hasnt changed. As PACT moves to its upgraded token, future governance and ecosystem development will occur on Aptos, even though the Celo PACT token will still fund ongoing efforts. Community members are urged to join the migration to fully benefit from Aptos improved infrastructure, wider institutional adoption, and ongoing ecosystem expansion.

Users can visit https://pact.foundation/ to learn more about PACTs migration and how to become involved.

Text source: ZyCrypto

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