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ConsenSys enters decentralized finance ecosystem with new product suite ‘Codefi’

Mon, 16 Sep 2019, 06:41 am UTC

Blockchain firm ConsenSys has announced the launch of a new product suite, called Codefi.

At a press conference at ConsenSys’ first international Ethereal Summit on Sunday, September 15, ConsenSys Founder Joseph Lubin said that his firm would enter the decentralized finance (DeFi) ecosystem with this new product suite, CoinDesk reported.

In a press release, ConsenSys defined Codefi as “a suite of tools and services that comprise an ‘operating system’ to help enterprises and consumers maximize the benefit from profound digital transformation in commerce and finance. Delivering Codefi provides the capability to digitize assets and financial instruments, including payments, equities, lending, and real estate.”

Speaking to CoinDesk, Lex Sokolin, co-head of global fintech at ConsenSys, explained that Codefi could be compared to Twilio or Stripe that cater to businesses that need to process payment data.

The Codefi product suite has four parts:

  • Assets: A platform to create, issue, and manage the lifecycle of digital assets, associated markets, and digital financial instruments on public or permissioned blockchain networks.
  • Payments: A platform to send, receive, and manage cryptocurrency payments and revenue within a single dashboard.
  • Networks: A suite of tools empowering anyone to utilize tokens and participate in decentralized networks.
  • Data: A data, analytics, and risk management engine for digital assets, public blockchain tokens, and their growing networks.

ConsenSys said that through these configurable, easy-to-integrate tools and modules, clients would be able to accelerate blockchain development. Codefi will also help them to cut down on infrastructure and operational costs by building and deploying shared data standards and common workflows.

Codefi is currently being developed under a “controlled release” with few pilots, CoinDesk reported.

Jeremy Milar, chief of staff at ConsenSys and founding board member of Ethereum Enterprise Alliance, told CoinDesk that the project aims to encourage ethereum adoption among businesses.

“The strategy here is to accelerate the growth of the DeFi ecosystem,” he said.

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