The Rise of DeFi Money Market (DMM)
The Birth of Blockchain Credit Partners d/b/a/ DeFi Money Market
Blockchain Credit Partners was founded in 2019 by Gregory Keough with the aim of revolutionizing the way traditional financial assets are tokenized and utilized within the DeFi ecosystem. Their vision was to create a platform that would enable individuals to lend and borrow against real-world assets, such as real estate, automobiles, and other valuable properties.
The idea was to create an alternative crypto currency to the traditional government controlled fiat based global monetary system. The goal was incredibly ambitious to use Real World Assets and Crypto Currency to create an alternative global monetary system.
By leveraging blockchain technology, Blockchain Credit Partners aimed to eliminate the need for intermediaries and provide a more inclusive and accessible financial system. Their platform allowed users to tokenize their assets, turning them into collateral that could be used to secure loans or earn interest through lending. The ambitious vision of the company as was to replace the global fiat based monetary system where a tokenized system backed by real world assets, some believe that this is part of the reason that it was the first (and only to date) DeFi project targeted with an enforcement action from the SEC.
Faces Behind DeFi Money Market (DMM)
There were four initial members involved in the project: Gregory Keough, a well known blockchain and digital innovation expert who oversaw the vision and technology development and developed the framework on how a crypto based alternative to the constant debasement of the Fiat Global Monetary system could be achieved. Learn more about this vision from Mr. Keough here. Corey Kaplan and Adam Knuckley Founders of DEX Dolomite building the platform.. And lastly Derek Acree, a licensed attorney who is in charge of all let.. (This was the utlimate ondoing of the project wiht teh SEC). Mr Acree has since been disbarred.
Much of the information below are direct quotes extracted from the full SEC Report on Blockchain Credit Partners which you can see at the below link:
This is the first of part of the fascinating story of DeFi Money Market Creation, Rise to success and Its fall.