NAOS Finance Partners With EthSign to Bring Real World Agreement and Contract Signing On-Chain
Source: NAOS Finance
NAOS Finance and EthSign to bring Web 3 solutions to agreement and contract signing process in traditional finance
We’re excited to partner with EthSign to develop an agreement/contract signing solution for RWA on-chain. The partnership offers a notary solution critical in financial services, allowing involved parties to send agreement, sign content and process transaction on-chain.
Electronic signature services such as DocuSign and eSignly are great solutions for simple transactions, but complex financial transactions still require a burdensome notarization process. Traditional notarization requires signing parties to be physically present before a notary in order to have the signatures authenticated, further creating unnecessary friction for CeFi to interact with DeFi.
EthSign 3.0 is an electronic signing platform. Users can sign documents and agreements with their own private keys generated via wallet or social media accounts. Digital signatures generated by private keys are recorded on-chain, and the signed documents are encrypted and stored on decentralized storage networks to enhance privacy and security.
The NAOS-EthSign partnership looks to further strengthen the compliance infrastructure for RWA lending. EthSign’s e-signature product is legally compliant in more than a dozen major jurisdictions. Under the Technology-Neutral laws, it’s compliant with the US, Canada, Australia, New Zealand, Cayman Islands, British Virgin Island and China; and it’s compliant with the EU, UK, Sweden, Finland, Singapore and Hong Kong under the Tier-Model laws.
Through the partnership, NAOS will provide borrowers with the same off-chain e-signature experience without the need for conventional notarization processes. Borrowers will be able to execute contracts and agreements digitally on-chain, significantly reducing the friction in the DeFi-CeFi lending process. The on-chain signature will be bundled with the underlying collateral and distributed to ecosystem partners as proof of identity and legality.
Kevin Tseng, Founder of NAOS Finance, added “As we think through each step in the CeFi lending process, it’s important to be mindful of the critical details that are often overlooked. With years of experience in traditional finance, we know the pain to notarize or apostille documents and agreements in different jurisdictions. We’re excited to offer a proof of identity solution on-chain to provide more credibility and transparency for our community, ecosystem partners, lenders, validators and regulators”
Potter Li, Founder of EthSign, added “This is a monumental partnership that fully demonstrates the value of conducting e-signing on-chain. We are excited to showcase EthSign’s ability to act as an interface between real world assets and blockchains, and are seeking more strong partners like NAOS so that we can continue to build more use cases for EthSign.”
About NAOS Finance
NAOS Finance is a decentralized real world asset (RWA) lending protocol that facilitates the borrowing of crypto native assets by using RWA as collateral. NAOS has established a large network of corporate borrowers and is operating with financing licenses in multiple regions. In the effort of connecting CeFi with DeFi, NAOS takes an ecosystem approach and looks to engage in meaningful strategic partnerships to expand the boundary of decentralized finance.
EthSign is an agreement signing and executing platform built on the Web3 tech stack. EthSign brings several advantages to users including decentralized and immutable storage of encrypted files, ease of integration with other protocols and dApps, and transparency in how data is managed that’s entirely subject to users’ consent. EthSign’s new offering Smart Agreement(SA) is a customizable and extendable framework that truly realizes the vision for “smart contracts”. SA enables electronic agreements to have tighter binding properties by enforcing its execution using smart contracts in addition to or in place of existing legal enforcement.