Ethereum-focused incubator ConsenSys has announced a new product suite for commercial applications of decentralized finance called the Codefi Project. The project will thus help increase Defi adoption.
The new project will help institutions build on top of blockchains and emerging DeFi networks. Thus, it will take these solutions billions of people that can benefit from them. The product suite will focus on four areas. They are payments, payment networks, data and analytics, and digital assets that represent equities, real estate, and bonds. According to Ethereum co-founder Joseph Lubin, decentralized finance (DeFi) applications will help increase the synergy of the Ethereum ecosystem. Also, he added that Ethereum is a platform where different people come together to work. Thus, it became necessary for the platform to synergize their activity.
The company is yet to announce specific revenue goals or clients. However, it is palpable that ConsenSys wants to serve enterprise customers. The Codefi Project will process cryptocurrency and fiat payment information. It will do this with the help of blockchain systems and API access for a wide range of enterprise use cases. Codefi will gradually become a core pillar of the ConsenSys business model after the initial phase of targeting and onboarding enterprise clients.
ConsenSys has been struggling for a while now in order to find an appropriate revenue model for keeping up with the company’s growth. However, in May the company launched a job kit that helped the aspiring Ethereum Blockchain developers enter the market as per the source.