Bloom Partners With Teller Finance To Help Bring Credit To DeFi
We are excited to announce our partnership with Teller Finance! Hot off the release of Bloom’s innovative new DeFi-focused platform, OnRamp, we are teaming up with Teller, assisting them as they bring their algorithmic credit risk profile to the DeFi space.
Teller is a perfect fit for Bloom, and we are excited about the potential this partnership represents. By utilizing Bloom’s verifiable credentials (VCs) that can be easily permissioned, Teller is able to confidently focus on their mission to enable the creation of decentralized lending markets that can offer loans without the need for collateral. Their cloud-based protocol was designed to function as a decentralized non-custodial liquidity pool where users can participate as depositors or borrowers. Bloom’s VCs become part of a risk assessment algorithm which allows Teller’s protocol to interact with undercollateralized loans.
“This partnership with Teller Finance represents an exciting venture for Bloom, as both companies share a common vision to expand undercollateralized lending within the DeFi arena. We feel that, together, the possibilities are limitless with Teller’s protocol easily integrating with Bloom’s solution.” - Ben DiScipio, Bloom CSO
OnRamp is a key piece of infrastructure for DeFi companies, providing access to reusable VCs that were previously only available to the traditional finance sector. This means that enterprises now have an elegant solution within the undercollateralized market as we assist them with KYC, sanction screening, and other financial verifications. Beyond that, we see a real opportunity to dramatically increase participation in the DeFi space with Teller, as we work together to incorporate alternative signals to determine creditworthiness and enable risk assessment. We share the same passion for decentralized identity and believe that decentralized lending can be executed securely and efficiently.
"We at Teller are thrilled to partner with Bloom to use their secure identity and credit scoring solutions on our decentralized lending platform. Bloom’s cost-efficiency and risk reduction when it comes to identity theft and fraud prevention perfectly aligns with our mission to provide users peace of mind when borrowing and lending." Ryan Berkun, Teller CEO
At the heart of the Teller Protocol are the main contracts, including their ATM contracts. ATM, or Autonomous Teller Machine, is a decentralized money market smart contract that is connected to a Credit Risk Algorithm (CRA), through which users can request loans using personal consumer data that is computed by Teller's open-source CRA. By integrating Bloom’s innovative platform into their process, Teller is emphasizing the importance of enabling secure, reusable VCs while maintaining user privacy. Our hope is that the scope of our partnership will continue to expand and open doors to all of the verifications OnRamp can provide.
We are proud to partner with Teller and are thrilled to share with them all that OnRamp and the BloomID can offer within the DeFi sector. Learn more about OnRamp and Teller and stay tuned for future integrations as we continue to unlock the full potential of DeFi.