Translation: Blockchain in Vernacular
During the 2049 Singapore conference, I attended a very popular side event (over a thousand applicants) - the PayFi Summit hosted by @humafinance, @solana, and @StellarOrg. In general, these projects focused on:
• The value of time saved by PayFi
• Compliance knowledge
• Opportunities in emerging markets (e.g. global money transfers and remittances)
• Stablecoin collaboration (especially progress on @circle’s USDC and PYUSD).
Here is a brief introduction to these 12 PayFi-related projects.
After the opening keynote by @calilyliu, Chairman of the Solana Foundation, on the PayFi vision, moderator @PayFiKing introduced Huma Finance’s PayFi architecture and presented 12 key projects.
To be honest, given the busy schedule that week (@OakGroveVC also had some panels and events), I had to leave early and didn’t get to listen to all the keynotes.
But I’m interested in how these projects are building out, and I’m sure many people who follow PayFi will want to know, too.
1、@arf_one
@arf_one has developed a blockchain-powered liquidity platform that leverages the USDC stablecoin to speed up cross-border payments and reduce costs.
“Through the Arf credit line, licensed financial institutions can obtain unsecured short-term working capital credit for a period of one to five days to achieve same-day settlement with their partners by eliminating pre-funding and counterparty risk.”
2、@BackedFi
@BackedFi is a Swiss-regulated tokenization platform/service provider. It provides tokenization services and has issued tokenized real assets including exchange-traded funds (ETFs) and tokenized stocks such as Coinbase (COIN) and Tesla (TSLA).
Additionally, it supports other major EVM chains such as Gnosis Chain, Polygon, Avalanche, Arbitrum, Base, and BNB Chain.
3、Bridge（@StableCoin）
Bridge (@StableCoin), a stablecoin-focused payments platform, recently raised $40 million from @sequoia and Ribbit Ventures.
“We are building a stablecoin orchestration and issuance service. The orchestration provides a simple API to easily convert between any two USD formats.”
4、@BSOSTech / @isle_finance
@BSOSTech / @isle_finance (Web3 fork of BSOS) is a decentralized protocol for supply chain finance. It allows DeFi yield seekers to obtain real-world returns from supplier receivables and provides suppliers with more timely crypto funds.
“Isle Finance is a novel financing solution designed to meet the supplier needs of large buyers, where suppliers can obtain crypto financing through buyer-approved invoices on the blockchain.”
5、@itseasyco
@itseasyco's Easy Labs works on programmable payment processing solutions, allowing users to build automated financial logic through their SDK and no-code platform.
6、@helio_pay
Helio Pay by @helio_pay supports crypto payments in various fields, including e-commerce stores, pre-sales, and NFT marketplaces. Recently, Helio launched the Solana Pay plugin on Shopify. Other key products include payment links (crypto checkout pages), subscription modules, and embeddable payment modules.
7、@Polyflow_PayFi
@Polyflow_PayFi is a PayFi protocol that provides payment IDs and payment liquidity, acts as a self-custodial enterprise wallet, is able to generate yield and is DeFi compatible.
8、@portal_hq
@portal_hq creates embedded crypto wallets for mobile devices and Web3, with features such as MPC API and account abstraction. It provides white label wallet solutions for banks, exchanges, emerging banks and financial service issuers, and can serve as infrastructure for stablecoin accounts and global remittances. The platform supports multiple blockchains, including Solana.
9、@PayWithRipe
@PayWithRipe is based on @solana and focuses on enabling crypto payments for merchants in Southeast Asia. It allows crypto wallets such as Bitget Wallet or Phantom to scan QR codes of existing merchants, such as Momo in Vietnam, PayNow/SGQR in Singapore, or GCash/QRPh in the Philippines.
“These wallets then send the stablecoins to wallet addresses controlled by Ripe. The company handles the fiat conversion and foreign exchange in the background, delivering local fiat to merchants in real time.”
10、@sphere_labs
@sphere_labs provides payment gateway infrastructure and cryptocurrency on- and off-chain services for retailers and merchants. Sphere API provides subscription, payment link (including checkout page) and invoice modules. The main supported chains include @base, @solana, Polygon and Avalanche.
Key use cases for the enterprise include compliant cross-border payments with almost instant settlement. They recently partnered with @helium_mobile as a DePIN client.
11、@tlay_io
@tlay_io is the only DePIN project on the list. @humafinance highlighted PayFi’s use of Huma Finance’s instant lending solution among DePIN customers, where smart contracts leverage data to automate underwriting decisions.
“The core of PayFi’s value proposition lies in its ability to leverage future on-chain cash flows to provide credit when needed. DePIN projects have significant advantages because their cash flows are inherently on-chain and the data generated can be accessed in real time.”
12、@zothdotio
@zothdotio provides a real asset (fixed income) market. Its flagship products include Zoth Tokenized Liquid Notes (ZTLN) and Zoth Secure Trade Finance (ZSTF). According to their website, the platform has generated $106 million in assets and has a high reinvestment rate of 91%.
ZTLN offers a portfolio of investment-grade fixed income investments denominated in U.S. dollars, comprised of U.S. Treasuries and high-quality corporate bonds.
ZSTF focuses on secured short-term receivables from top factoring companies in emerging markets.
