Crypto CurrenciesKurrency: Wemade’s new collateral-backed DeFi service

PRNewswire PRNewswireMarch 3, 20234 min
  • WCD (WEMIX Crypto Dollar) issuance service based on collateral assets
  • Offering high usability and reliability as a means of exchange and store of value between various assets
  • Increased synergy with other DeFi services supported on major multi-chains including Wemix 3.0, Ethereum and Klaytn

Wemade Co., Ltd. has announced the upcoming launch of Kurrency, a new Defi (decentralized finance) service designed to offer greater ease-of-use, transparency and reliability.

Kurrency is a service that issues cryptodollars through a collateralized debt position. Users can entrust the virtual assets supported by the service as collateral and issue WCD (WEMIX Crypto Dollar). WCD is a cryptocurrency that minimizes price fluctuations and is issued through the method in which the value of the deposited collateral is greater than the total amount of ‘excess-collateralized’ loans issued. This is similar to the process by which MakerDAO generates Dai, the world’s first unbiased currency. By adopting this method, it will play a complementary role with WEMIX Dollar, which is 100% USDC fully collateralized.

Kurrency has been designed for ease of use, with easy-to-understand terms, intuitive on-screen interface and detailed tutorial videos that make it simple for even users new to DeFi to get started.

In addition, Kurrency offers key features that guarantee greater transparency and reliability without compromising security. This includes a dashboard where you can see the investment status at a glance, contract audits conducted by reputable professional blockchain audit companies, and monthly service trend reports published in official social media channels.

Wemade wants to make WCD the most reliable and widely used crypto dollar and currency service across major blockchains including Klaytn, Ethereum and Wemix 3.0. WCD will organically connect Wemade’s KLEVA protocol, Wemade DeFi services such as DEX (scheduled to be released during 1H 2023) and various other DeFi services on multi-chains. This will enhance the capital efficiency and interconnectivity between services and produce stronger synergistic effects within the ecosystem. Kurrency not only creates synergy between its services by managing the collateral deposited by users in KLEVA, but also has the function of minimizing the user’s fees according to the operating profit .

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