2 weeks Ago By PYMNTS
Payment financing (PayFi) network Huma Finance launched its protocol on Solana . The expansion to this blockchain network expands Huma’s ability to provide instant liquidity solutions for global businesses and meet the demand for affordable, accessible and secure on-chain payment financing, Huma said in a Wednesday (Nov. 13) press release .
“To support the rapid growth of the PayFi ecosystem, it’s critical that we scale the Huma network...
,” Huma co-founder Erbil Karaman said in the release. “Solana provides one of the best toolkits out there for global payment and financing solutions.” Because Solana has transaction costs as low as $0.
00025 and finality times of about 400 milliseconds, Huma will be able to “supercharge” its financing solutions by expanding to the blockchain, the release said. Huma’s platform has processed over $2 billion in transactions with no credit defaults so far in 2024, and the company aims to reach $10 billion in PayFi transactions in 2025, according to the release. The company is also piloting decentralized physical infrastructure (DePIN) financing use cases on its network, per the release.
“PayFi is one of the most important movements in crypto due to its massive impact on businesses and people,” Karaman said in the release. “Payment financing today powers $30 trillion in annual payments through credit cards, trade finance and pre-funding for cross-border payments. Huma, as the first PayFi network, is helping to grow all of these use cases while drastically improving their efficiency and accessibility.
” The expansion comes about two months after Huma announced that it raised $38 million to hyperscale its payment financing network, with part of the raise coming as investments into high-yield real-world assets (RWAs) on its platform. The company said in a Sept. 11 press release that it planned to expand its PayFi network to Solana and the Stellar smart contract platform in the coming months, aiming to make the network accessible from all the major payments-focused chains.
“The surge of interest we’re seeing right now is a testament to PayFi’s potential,” Huma co-founder Richard Liu said in the release. “As more partners join us every week, it’s clear that PayFi is quickly becoming the new frontier of RWA.”.
