Enigma, an off-chain network solving scalable privacy for blockchains, and ETHLend, the first decentralized lending marketplace are working towards a partnership that will help bring data and computational privacy to decentralized lending.
Enigma is an off-chain peer-to-peer network that enables different parties to jointly store and run computations on data while keeping data completely private through the use of secret contracts.
Using Enigma’s secret contracts — smart contracts that keep sensitive data encrypted at all times — credit data on ETHLend will be processed and used in a decentralized ecosystem while using the off-chain Enigma Network, bringing more trust and security for users of the ETHLend decentralized application (dApp).
Moreover, ETHLend lenders will be able to use Enigma’s Catalyst platform to devise lending and collateral management strategies by using user-curated data. Catalyst is Enigma’s platform for data-driven crypto asset trading and investment that is built on its secure crypto financial data marketplace.
Stani Kulechov, the founder of ETHLend, said:
“Enigma’s protocol will enable private loans to add more privacy for lenders and borrowers. This would be tremendously useful in the B2B and B2C lending markets, which ETHLend is aiming to disrupt. We’re looking forward to working with Enigma’s talented team and technology to achieve our vision.”
Can Kisagun, co-founder of Enigma, said:
“Helping create decentralized solutions for lending and credit is one of the strongest use cases for the Enigma privacy protocol. We’re excited to work with the dynamic ETHLend team to help them grow their revolutionary platform and together build the future of decentralized lending.”