Ontology (ONT), a project offering linking and bridging solutions for multiple blockchains, has announced five new partnerships with companies operating in various geographical locations within the decentralised finance (DeFi) arena.
— Ontology (@OntologyNetwork) August 13, 2019
The latest handful of businesses to be attracted to Ontology’s framework of compatibility are Hong Kong registered Babel Finance, USA-focused crypto loan specialists SALT Lending, cryptocurrency services provider LendChain, Hong Kong-based Fountain Financial, and Chinese trading platform HOX.
These recent additions to Ontology’s stable of partners follows closely behind the news of other collaborations with DeFi providers such as Korea’s digital asset platform BLUCON and Estonia’s crypto lending company, CoinLoan.
Why Decentralised Finance?
The area of Decentralised Finance is one of the growth areas related to cryptocurrency and is seen as an innovation capable of achieving real change for individuals and institutions alike. For example, in a recent interview, Weiss Ratings lead analyst Juan Villaverde, explained his belief that DeFi has the potential to remove the major risk associated with the current banking and wider financial system – contagion.
The DeFi term can be applied to various projects that use decentralised networks to invent new or convert old financial products into trustless and transparent protocols. The lengthy list includes exchanges, asset and investment management tools, payment and lending platforms, marketplaces, and infrastructure providers.
Founded in 2017 by the creators of NEO, Da Hongfei and Erick Zhang, through a Chinese company called OnChain, Ontology is designed to allow any company to install public and private access blockchain technology without the need to completely alter their current systems.
Although still closely associated with the developers of NEO, Ontology’s Marketing Executive Director, Jesse Liu, recently expressed the need to widen the scope of blockchains associated with the project as “NEO’s object is back to focusing on games…[which is]…totally different” from what Ontology is pursuing.