A prominent crypto infrastructure provider has acquired expand.network, a singular API connection that opens the door to the diverse realm of decentralized finance (DeFi), aiming to allow major financial institutions to effortlessly engage in on-chain trading.
While the specific acquisition cost for Expand remains undisclosed, it has been noted that the transaction is valued in the double-digit millions. Expand facilitates API access to DeFi, linking to more than 170 endpoints, which include decentralized exchanges (DEXs), bridges, lending protocols, and oracles.
As the long-anticipated regulatory clarity emerges for crypto in the U.S., banks and large financial entities are exploring ways to enter the on-chain finance sector.
This provider, supported by institutions such as Goldman Sachs, serves approximately 70% of the top 500 entities involved in crypto, managing over 250,000 nodes across 40 data centers, handling staking rewards, and recently launching cross-blockchain, self-custody wallet services for larger clients.
According to the founder and CEO of the company, the next essential step for banks and institutions is to offer streamlined access through their interoperable, staking-ready wallets into the intricate landscape of DeFi lending, borrowing, and automated liquidity.
“DeFi will significantly reduce the operational costs for banks and institutions, serving as a source of numerous institutional advantages over time,” he remarked in an interview. “We are still in the early stages, and clearly, much remains to be addressed concerning regulatory clarity, adoption, and decentralization. However, now is the opportune moment to enhance this particular area within our product offerings.”