Decentralized trading platform Beyond Finance has announced a strategic partnership with public blockchain Klaytn. The partnership will introduce synthetic asset trading to the millions of existing users within the Klaytn ecosystem
Interest in synthetic assets is at an all time high, with the booming DeFi landscape shaping the growth of synthetic assets. Decentralized trading protocol Beyond Finance is a leader in synthetic asset trading, offering a wide variety of financial assets that are completely decentralized.
Beyond Finance’s recent partnership announcement with Klaytn will enable the growth of both companies and channel their shared vision to accelerate the global adoption of DeFi. Klaytn’s blockchain network is a platform created by Kakao’s blockchain arm, Ground X and has a wide variety of global companies in its network, incorporating both blockchain and traditional finance into its ecosystem
Head of Product at Beyond Finance, Kenneth Moon, commented on the mutually beneficial basis of the partnership:
“Klaytn has seen tremendous growth, powered by participation from top-tier brands. With its applications and web services widely adopted in the Korean market, we can now see aggressive growth in the global market. With this partnership, Beyond can help launch a number of innovative synthetic products on the Klaytn blockchain. We believe these products need to be user-friendly and cater to all consumers. Klaytn shares this ideology. We are excited to collaborate with Klaytn”
Officials at Klaytn further commented on the partnership:
“Klaytn’s technological innovation and performance is a perfect match to Beyond’s decentralized approach to synthetic assets and financial innovation, and provides the necessary foundation for growth and adoption.”
The partnership between Beyond Finance and Klaytn will see Beyond integrating into Klaytn’s blockchain network, with users of Beyond receiving improved transaction speed, low fees and the large scalability of Klaytn.
Synthetic assets carry unique advantages, and as such they are growing in popularity among retail traders who are frustrated with centralized finance. For investment institutions and retail traders alike, more sophisticated financial instruments such as synthetic assets are proving increasingly attractive.
The wide application and strong growth prospect of the DeFi industry is showcased by existing and emerging partnerships between blockchain companies, with the Beyond Finance and Klaytn partnership demonstrating the leaps and bounds that synthetic assets are making in the DeFi industry.