The company behind TrueFi is about to double in size. That’s because TrustToken is acquiring top Web3 engineering firm Ethworks in a landmark deal that’ll help take the TrueFi DeFi platform to a whole new level.
What is TrueFi?
TrueFi is a DeFi protocol that enables transparent and stable high return lending opportunities for users with no collateral requirements for credit-worthy borrowers. The project’s TRU token currently boasts a market capitalization of over $200 million and trades on top centralized exchanges including Binance and Coinbase Exchange.
TRU holders ultimately have a say in who qualifies as a creditworthy borrower within the platform’s prediction markets.
At the time of this writing, TrueFi ranks as the 16th most valuable DeFi protocol in the world according to total value locked, with over $1.02 billion TVL earning interest for users on the platform.
How the Ethworks deal came to be?
Ethworks is already doing business with TrueFi. The relationship is ongoing for more than a year now and the organization is considered one of the top Web3 development teams in the world.
The acquisition effectively doubles the size of the TrueFi team. The company now has over 100 employees, an engineering team of more than 40 people, and a new CTO, Vice President of Engineering and Vice President of Design.
While the United States, Canada, Singapore, Switzerland, and many other countries around the world are known as blockchain hubs, EthWorks is doing some of the most important work in space and hails out of Poland.
Not only is the size of the team now twice as large, but it’s also poised to take DeFi to new and greater heights. EthWorks has some of the altcoin world’s biggest names on its resume already, including the Ethereum Foundation, Bitcoin.org, Maker DAO, PolkaDot to name a few.
“As TrustToken matures and expands, we need to make sure our products and services are among the most robust, safe, and accessible in the blockchain industry,” says Rafael Cosman, CEO of TrustToken. “The acquisition of EthWorks and its world-class team of engineers and designers is crucial for the future of TrueFi, helping us scale the speed, security, and experience of the protocol while creating the greatest possible opportunities for our lenders, borrowers, and token holders.”
Marek Kirejczyk, the founder of EthWorks, will now be the CTO of TrustToken. He shares Cosman’s excitement:
“…Our joining forces creates a unique opportunity to accelerate growth and create an outstanding impact in the DeFi space — and soon, in the world of institutional finance.”
In working together, TrustToken as a whole along with the TrueFi protocol will be able to accelerate the advancement of the technical, design, and operational roadmaps of all the products and services the project offers to users. This all while the newly minted members of the TrustToken team maintain open-source projects like Waffle and useDapp, used globally by a wide range of Ethereum developers.