Launch of lending pool
25/01/2023 07:00
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RNS Number : 7451N AQRU plc 25 January 2023
Press Release
25 January 2023
AQRU PLC
("AQRU" or "the Company")
Launch of lending pool
AQRU plc (AQSE: AQRU), an incubator specialising in opportunities in
decentralised finance ("DeFi"), is pleased to announce that its wholly owned
subsidiary, Accru Finance Ltd. ("Accru Finance") has launched a liquidity pool
allowing investors to generate yield from tax credit receivables originating
from US Internal Revenue Service (IRS) programmes.
Through Accru Finance's new service offering, digital asset holders will be
able to invest their USDC, a stablecoin designed to track the value of the US
Dollar, into a lending pool available on Maple Finance, an institutional
lending platform in the DeFi sector. Accru Finance will use the lending pool's
capital to invest in a portfolio of IRS tax credit receivables, enabling Accru
Finance to offer returns to investors of up to 10% annually on the USDC
deposited in the lending pool.
Accru Finance's portfolio is focused initially on lending against the tax
credit receivables that the IRS is expected to settle within the short-term,
ensuring that the lending pool maintains a high liquidity profile. Accru
Finance has reduced the pool's counterparty risk as the lending pool is
directly secured by the underlying receivables.
Accru Finance has created its portfolio of IRS-originated receivables by
working in collaboration with Intero Trading LLC ("Intero"), a non-bank
facilitator of traditional and digital funding mechanisms, whose founding team
has executed over USD$2bn in receivables transactions. Intero sources the IRS
tax credit receivables through its network of IRS tax credit originators.
Intero performs both financial and operational due diligence screening,
whereby originators are required to demonstrate a successful track record and
pipeline of tax credit submissions, and the robustness of their back-office
processes.
The launch of the lending pool builds on Accru Finance's efforts to develop
new solutions that allow investors to use their digital assets to generate
compelling returns, at low risk, from traditional financial instruments.
Philip Blows, Chief Executive of AQRU, said: "Offering services that can
bridge the gap between the worlds of traditional and decentralised finance is
a priority for us. Through the launch of our tax credit receivables programme,
we're taking another key step in our efforts to enable customers to deploy
their cryptocurrency holdings to generate significant real-world returns. We
look forward to seeing retail and institutional investors worldwide take
advantage of this opportunity to generate significant returns in the crypto
and decentralised finance sectors."
The Directors of AQRU plc take responsibility for this announcement.
For further information, please contact:
AQRU
Philip Blows via Tancredi +44 207 887 7633
Chief Executive
Tennyson Securities
Corporate Broker
Peter Krens +44 207 186 9030
First Sentinel
AQSE Corporate Adviser +44 203 989 2200
Brian Stockbridge
Tancredi Intelligent Communication
Media Relations
Gabriela Amaya Garcia +44 7915 035 294
Charlie Hobbs +44 7897 557 112
AQRU@tancredigroup.com (mailto:AQRU@tancredigroup.com)
About AQRU plc:
AQRU is an incubator specialising in opportunities in decentralised finance
(DeFi), a disruptive technology using blockchain and cryptocurrencies to
remove financial intermediaries from transactions, creating a cheaper, more
efficient and more secure way of providing financial services. Listed on the
Aquis Exchange in London, we apply our expertise to the business operations
and strategic plans of FinTech companies in the UK, USA and Canada, and act as
an accelerator for start-ups and early-stage companies. www.aqruplc.com
(http://www.aqruplc.com)
About Intero Trading LLC:
Intero actively provides high-quality, dynamic, and holistic funding solutions
that fully exploit the inherent commercial value locked in quality receivables
and other real-world assets. Intero achieves this by bringing together
traditional and digital investors, asset originators, and other enabling
entities to create and execute funding transactions. Through its partners,
Intero also provides additional capabilities in longer-term project finance
and other blockchain enabled structures that are complementary to the
shorter-term receivables programmes. https://intero.capital
(https://intero.capital)
About Maple Finance:
Maple is an institutional capital network that provides the infrastructure for
credit experts to run on-chain lending businesses and connects institutional
lenders and borrowers. Built with both traditional financial institutions and
decentralised finance leaders, Maple is transforming capital markets by
combining industry-standard compliance and due diligence with the transparent
and frictionless lending enabled by smart contracts and blockchain technology.
Maple is the gateway to growth for financial institutions, pool delegates and
companies seeking capital on-chain. https://maple.finance/
(https://maple.finance/)
Notes to editors:
Liquidity pool: A liquidity pool is a collection of cryptocurrency funds
grouped into a smart contract.
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