Crypto-backed peer-to-peer lender Credefi has reached a $1m (£750,000) milestone on its decentralised finance platform.
The figure reflects the total value locked on its platform, which is a measure of the amount of crypto tokens that are lent to business projects funded through Credefi and recorded using its blockchain technology.
Credefi claims that investors can earn returns of 10 per cent by backing projects and loans through its platform.
“Our platform is demonstrating to the traditional financial system and especially to small – and medium-sized enterprises as well as conventional decentralised finance services, that both worlds can emerge in one place,” Ivo Grigorov, founder of Credefi, said.
It comes as research by consumer insights provider Toluna found different attitudes to cryptocurrency investing depending on age.
The study found that older respondents are more sceptical about crypto and regard it as hype, while younger generations were more positive about crypto becoming a genuine currency in the long term.
More than half (53 per cent) of those age 18 to 24 believed that cryptocurrency will become an upward trend in the long term compared with 22 per cent of 41 to 56-year-olds and 38 per cent of those age 57 to 64 who think it will crash.
Respondents currently view cryptocurrency as risky and volatile, with fear of the associated risk (43%) and an overall lack of understanding of cryptocurrency (40%) recorded as the main reasons why potential investors are hesitating to invest in cryptocurrency.