ConsenSys Announces Decentralized Financial Project "Codefi" to Promote Ethereum Enterprise Adoption

According to Coindesk's September 15 report, Ethereum co-founder Joseph Lubin is working hard to develop a decentralized financial (DeFi) application.

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On September 15th, at a press conference at the Ethereal Tel Aviv summit in Tel Aviv, Rubin said:

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“Ethereum is a shared execution space, and we should also build synergies.”

To achieve this goal, Rubin announced that ConsenSys will enter the DeFi ecosystem and launch a new product suite called Codefi.

Rubin said that although he personally does not hold a token based on Ethereum's loan system MakerDAO, he declined to comment on whether these tokens are part of the ConsenSys portfolio. In any case, Rubin believes that DeFi systems such as MakerDAO and Uniswap are the most important developments in the industry.

When Rubin talked about MakerDAO, he said:

"I have always supported this project."

Lex Sokolin, co-director of global financial technology at ConsenSys, told CoinDesk that the Codefi software suite can serve companies that need to process payment data, with features comparable to Twilio or Stripe. He said:

“ConsenSys is looking for its own business model. This is our signal to the market that we want to do something in the market.”

The product suite consists of four parts: data, network, assets, and payments. Although the company has not yet announced specific revenue targets or customers, it is clear that Consenssys hopes to serve corporate customers by handling cryptocurrency payments, using the blockchain system's legal currency payment information, and extensive enterprise use case API channels.

Previously, ConsenSys had incubated incubators such as Infura and BlockApps to provide such services. This new software suite is completely internal, which means that the revenue generated is entirely within ConsenSys. On the whole, since 2018, the company has been struggling to find a revenue model that matches its research costs and rapid growth. As CoinDesk reported previously, the company expects spending of $100 million in 2019.

Codefi will eventually become the core pillar of the ConsenSys business model, and in this initial phase, its goal is to serve corporate customers. Sokolin said that Consensys' leadership noticed the difference between the products of the startup and the needs of the corporate customers. He added:

“There are a lot of startups and projects trying to build something, they have done a lot of groundbreaking work. Consensys has learned a lot from them.”

Ecosystem work together

Jeremy Milar, founding board member of the Ethereum Enterprise Alliance and director of the office of ConsenSys, told Coindesk:

“This product suite provides a range of smart contracts, workflows, and more. For every organization or team working in DeFi or institutional assets, rewriting the same code doesn't make sense. For a resource-rich large For software organizations, it makes a lot more sense to write a set of modules that work together."

Currently, the kit includes several unpublished pilot programs, and the development version will be “orderly release”. Mila said that the number of paying customers seeking such clients exceeds the range supported by the Codefi team, which consists of approximately 40 developers and product managers.

At the same time, Sokolin also served as a mentor for the Libracamp project developer. Currently, the Libracamp team is working hard to develop Facebook's emerging cryptocurrency project. When Sokolin talked about Libra and Ethereum, he said:

"What is certain is that there must be overlap between the two. We must clearly know where the customer is, because we are the link that serves as a link."

Milla said that Codefi will play a broader role in the ConsenSys business model, the focus of the project is to encourage companies to adopt Ethereum. He added:

"Codefi's strategy is to accelerate the development of the DeFi ecosystem."

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