Can blockchain solutions be successfully implemented in the world of Traditional Finance? Parfin and LimeChain Say: Yes.

In an era defined by rapid technological advancements, the financial landscape is undergoing a transformative shift. Traditional Finance (TradFi) and Decentralized Finance (DeFi) are two powerful ecosystems that, until now, have operated largely in isolation. Parfin, a leading digital asset infrastructure company driving global finance on blockchain, is on a mission to change this by introducing innovative solutions that seamlessly unite these worlds through their concept of UniFi and their groundbreaking blockchain ecosystem, Rayls.

The Challenge of Bridging TradFi and DeFi

If you’ve ever reached out to your bank’s customer service, you may have noticed that traditional financial institutions can sometimes be slow to embrace innovation and efficiency.

Now, let’s be clear: we are not in the business of assigning blame. After all, there is a good reason we refer to banks and traditional financial institutions (TradFi) as institutions and not as companies. Being the backbone of the global economy for centuries has its drawbacks, which manifest as stringent regulations, cumbersome operations, and traditional practices that struggle to keep up with the market’s demand for efficiency, automation, and cross-border capabilities.

On the other hand, decentralized finance (DeFi) blockchain solutions offer unprecedented efficiency, automation, and cross-border capabilities, but they have yet to be deemed trustworthy by financial institutions that require enterprise-level security and strict regulatory compliance.

The challenge lies in bridging these two distinct worlds. As the demand for the digitization of financial assets grows, financial institutions find themselves in need of reliable solutions that allow them to navigate this new terrain securely and efficiently. This is where Parfin comes into play.

The Need for Novel Solutions: The Concept of UniFi and Rayls

Parfin aims to facilitate the adoption of blockchain technology by developing top-tier institutional products and solutions. Their state-of-the-art platform, Rayls, embodies the concept of UniFi, merging TradFi and DeFi into a cohesive framework. This approach targets areas for improvement in TradFi while harnessing the rapid innovations of DeFi and blockchain technologies to create a more integrated financial ecosystem.

"Rayls offers the perfect blend of traditional finance privacy, safety and compliance with decentralized finance innovation, enabling institutions to achieve operational efficiency, optimise liquidity, and drive growth.", said Marcos Viriato, CEO and co-Founder of Parfin, the initial developer of Rayls.

Rayls is the first Ethereum Virtual Machine (EVM) blockchain system that unifies permissioned and public blockchains while simultaneously providing enterprise-grade privacy, scalability, interoperability, and decentralization. The system provides tailored solutions for financial use cases, including the tokenization of financial instruments, Central Bank Digital Currencies (CBDCs), FMI settlements, intra-institution transactions, and cross-border foreign exchange

The Collaboration Between Parfin and LimeChain as a Milestone for Wider Adoption of DLT

Our partnership with Parfin represents a significant milestone in the broader adoption of Distributed Ledger Technology (DLT) in the financial sector. LimeChain’s team is truly privileged to have contributed to the wider efforts of bridging TradFi and DeFi.

“Our collaboration with Parfin and the development of Rayls as a UniFi blockchain ecosystem focused on reliability, privacy and compliance is a significant enabling factor that will bring about notable enhancements in efficiency and meaningful growth to traditional banking and financial institutions, making them more resilient and adaptable for the next phase of the evolution of the Internet.” - Christian Veselinov, Co-Founder and CTO of LimeChain

We are confident that as the Web3 and financial landscapes continue to evolve, institutions that embrace this shift will be better positioned to thrive in the next stage of the global digital economy.  

‍