GROW positions itself as a top CeFi platform for Bitcoin
SINGAPORE, 7 October 2022 /PRNewswire/ — The crypto-CeFi industry experienced unprecedented turmoil in the summer of 2022, which took down some of the largest platforms, such as Celsius and Voyager that had billions of dollars in assets under management. However, this type of widespread adversity among an industry can create opportunities for businesses that have survived the crisis. GROW, a CeFi platform for lending and borrowing, is a company that has been able to navigate through the summer unscathed and has rapidly grown its user base. Also, GROW has always provided users with some of the highest reward rates in CeFi for Bitcoin.
“Our asset management mentality is to prioritize risk management first, so we are very selective even with the part of assets that we lend to institutions. We wanted to see very experienced management teams and strict risk management practices, and on top of that most of the strategies should be arbitrage or market neutral , like ours,” said Sean Kim, CEO and founder of GROW. This tendency towards risk aversion led this firm to avoid some of the explosions in the crypto scene that were caused by directional bets or some of the riskier strategies in DeFi.
GROW launched in January 2021 with a mission to make crypto simple because simplicity is a prerequisite for mass adoption, which is what the firm envisions – a society where crypto assets are ubiquitous and effectively incorporated into our financial system. “Right now, there are too many people who are afraid or skeptical about cryptocurrencies and other crypto assets, but at the same time, many people understand that there is real value in crypto assets, which is why we see people wanting to HODL Bitcoin and other coins. We just want to provide a place for everyone to safely hold and grow their assets through our products,” said Sean Kim. Therefore, GROW underwent a name change from ICONFi to GROW, to better align with the more inclusive goal of making crypto simple, helping individuals grow crypto wealth, and building a bigger stronger community.
Newer players like GROW have been able to quickly gain users by filling the gap of tens of billions of dollars in demand for CeFi products after the bankruptcies of mega-platforms.
“With CeFi, the best way to make users comfortable is results and actions. We are proud to say that we have never declined a withdrawal or failed to pay an interest, even during and after all the bankruptcies and fallout from this summer’s CeFi Apocalypse, ” so Sean Kim.
The company is based in Singapore and is compliant with the current Payment Services Act 2019 and it has undergone the legal and technical preparations to submit under the Payment Services (Amendment) Act 2021 upon implementation by the Monetary Authority of Singapore.
About GROW
Singapore-based GROW offers premium reward rates so clients can safely grow their wealth on a leading global platform for lending and borrowing of cryptoassets. Additional company information and details about the GROW app can be found by visiting www.grow3.io.
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THE SOURCE GROWS; www.grow3.io
