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Dutch multinational ING may enter DeFi loan market

3 min reading

"We are looking into peer-to-peer lending in a DeFi kind of setup. But then not on Bitcoins. What is interesting to us is how you can probably create peer-to-peer lending" says Annerie Vreugdenhi chief innovation officer of ING.


The chief innovation officer of ING, Annerie Vreugdenhil, announced the company is working with the Netherlands Authority on a peer-to-peer lending trial of its decentralized finance protocol (DeFi) for financial Market.

“We are looking into peer-to-peer lending in a DeFi kind of setup. But then not on Bitcoins. What is interesting to us is how you can probably create peer-to-peer lending or open up lending capabilities with different kinds of collateral. So with different ways of doing this rather than with volatile Bitcoin” said vreugdenhil

The Dutch financial services firm ING manages over $1 trillion in assets. The company mentioned Aave, which is built upon blockchain technology built on the Ethereum (ETH) platform, as one recent innovation in its white paper, Aave allows borrowers to deposit crypto as collateral and obtain stablecoin loans with the help of smart contracts.

As a traditional asset loan, Aave allows the borrower to take out debt to pay for daily expenses while others’ investments compound. The structure also enables the borrowing and lending of stablecoin, in line with ING’s concerns about using volatile assets as collateral. DAI holders can earn approximately 3% interest per year by depositing it into variable-rate pools, while lenders pay 4% interest per year and vice versa as of the time of writing.

What are ING's shortcomings?

In its white paper, ING praises DeFi for its borderless payments, 24/7 operations, and speed of transactions, however the white paper also mentions several drawbacks. Due to lending and borrowing protocols that require collateral, they do not allow the creation of new money for initiatives such as financing companies and entrepreneurs. In spite of this, ING has taken a keen interest in blockchain in recent years. At the end of 2020, INGI joined the Blockchain Education Alliance. The firm started working on digital asset custody in 2021, and also discussed a number of stablecoin developments during a conference in past.

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