A cryptocurrency exchange located in Latin America, which is licensed to operate in Mexico and Argentina, is introducing a decentralized finance (DeFi) yield product for users in the region. This service is made possible through a partnership with the crypto lending platform Morpho.
Responding to the increasing interest in crypto-backed lending, this initiative by various retail exchanges aims to streamline how users engage with decentralized, automated lending and borrowing—what’s being referred to as a “DeFi mullet” (fintech in the front, DeFi in the back).
The collaboration between Morpho and the exchange follows the recent announcement of a similar DeFi lending protocol in partnership with another major platform to facilitate bitcoin-backed loans.
“We believe that combining fintech at the front with DeFi at the back is truly the future for scaling DeFi,” remarked Morpho co-founder Merlin Egalite in a recent discussion. “Currently, the DeFi space can feel quite complex and technical. Merging DeFi with fintech solutions can offer a more intuitive and user-friendly experience.”