Codefi: ConsenSys’ attempt at boosting DeFi adoption

Consensys will increase Defi adoption through new product suite known as Codefi. Ethereum co-founder Joseph Lubin made the announcement.

Joseph believes that decentralized finance (DeFi) applications will help in increasing the synergy of the Ethereum ecosystem. He stated that Ethereum is a platform where different people work come together to work. Hence he found it necessary that the platform should be able to synergize their activity.

Lubin revealed that he does not own any governance token for the MakerDAO system. However, he did not disclose whether they were a part of the ConsenSys portfolio. Nonetheless, Lupin believes that Defi projects like MarkerDAO will have a significant effect on the ecosystem.

Is Codefi the answer to Ethereum’s synergy problem?

ConsenSys official Lex Sokolin revealed that the CodeFi solution was very similar to Twilio. The products mentioned above serve businesses that need to process payment information.

As co-head of global fintech in the company, Lex revealed that ConsenSys is finding its purpose. As the company grows, this step has laid a foundation as to what the company wants to do in the market.

The product suite consists of four parts that include data, networks, assets, and payments. Although he did not reveal the target clients, it is evident that the product will serve enterprises that need to process cryptocurrency payments. Codefi will be processing fiat and crypto payment data through blockchain technology while maintaining application program interface for a wide range of use-cases.

ConsenSys: Company in a hurdle

ConsenSys has been struggling since last year to find appropriate revenue models that can keep up with the company’s growth. The company has had little success with it as it predicts a burn rate of one hundred million dollars ($100M) for 2019.

Regardless, the company has collaborated with various international institutions for blockchain products. Hopefully, the company will rise again.

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