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[PRESS RELEASE]

8Pay, an automated payment solution built on the Ethereum network, will sponsor the DeFi Project of the Year Award at the forthcoming Malta AI & Blockchain Summit.

Europe’s largest blockchain conference will host creative minds from the industry and recognise the year’s milestones and achievements on 7 November at Malta’s Intercontinental Hotel.

8pay_Featured_Image-min

8pay_Featured_Image-min

As well as luminaries from the world of blockchain, the biennial event will bring together figures from sectors such as robotics, Internet of Things (IoT) and artificial intelligence, with a busy programme of conferences, workshops and networking events also taking place over two days.

Co-founder and CEO of 8Pay, Benedetto Salanitro, explained his happiness at sponsoring the DeFi Project of the Year Award, saying, “Decentralized finance is an incredibly worthy attempt to build a new and innovative financial system that works for everyone, with a high degree of transparency. Each of the projects shortlisted for the award has made great strides in realizing this goal, and we’re delighted that 8Pay can sponsor it. From P2P lending protocols to emerging decentralized banks, the space is thriving – and this is only the beginning.”

Decentralized finance (defi), built around smart contracts and crypto protocols that provide open access to financial products, has evolved into a burgeoning industry. The award at the Malta AI & Blockchain Summit will be handed to the defi project that’s provided the greatest contribution to simplifying the money-sending process. The 2019 nominees are Sologenic, Simply VC and MakerDAO, all of which have been busy leveraging decentralized networks to transform old financial products into trustless, transparent protocols.

Ventures that fall under the decentralized or open finance umbrella aim to create a new financial system based on public ledgers that is globally accessible and transparent. Defi projects focus span such verticals as derivatives, insurance, lending, prediction markets and other offshoots of the finance sector. Novel new products are already starting to ship, with the collective goal of overhauling traditional financial services and bypassing much of the banking sector, with its gatekeepers and intermediaries.

8Pay is a decentralized payment solution that facilitates automated crypto payments. Underpinned by smart contracts architecture, 8Pay enables stablecoins and all the ERC-20 tokens to be used in everyday life to pay for goods and services.

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