Microsoft-backed Space & Time launches virtual vault for institutional lending.
Space & Time (SXT), a Tier-1 data blockchain that secures onchain financial projects, has launched a virtual vault platform that it says is purpose-built for institutional lending.
The Microsoft-backed blockchain announced Tuesday that its new virtual repository can be set up by institutional lenders and borrowers in their exclusive agreements, with cryptographically verified, continuously improved visibility in place of centralized exchanges and decentralized finance (DeFi) protocols.
Real-time underwriting has long plagued the institutional lending sector, with overall solvency metrics falling below practical needs.
“We've built Space and Time so that both institutions and onchain protocols can verify the data they're working on, and Virtual Vaults are a clear expression of that. Institutional lenders need to see exactly who they're backing a loan for,” Space and Time founder and MakeInfinite Labs CEO Nate Holliday said in a statement with The Telegraph.
Screenshot of SXT Chain explained. Source: YouTube
Each vault is configured according to the specific terms of the loan agreement, such as which locations are monitored, which assets qualify as eligible collateral, and what triggers alarms.
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Virtual vaults extend the platform to onchain credit, bringing verifiable controls to the system that institutional lenders and borrowers must work with, the company said.
Microsoft makes VC investment, then integrates SXT with fabric intelligence platform
M12, the venture capital arm of Microsoft, participated in Space and Time's Series A funding round and led the 2022 strategic funding round, according to Token Terminal.
SXT's most recent round, due in August 2024, raised $20 million from investors including Lightspeed Faction and Arrington Capital, bringing its total to $50 million. A company spokeswoman declined to comment on current financial plans.
Space & Time integrated with Microsoft Fabric a year ago and was recently named Microsoft's co-branded cloud solution. Fabric is an end-to-end “intelligent data platform” that the software giant has deployed on top of its cloud offerings.
Since then, the Space and Time Foundation has partnered with Southeast Asia's Indomobil to introduce 50,000 students to the ecosystem. That program uses Space and Time to store evidence of course completion and students pay for courses in SXT.
Space and Time (SXT) market value over the last 12 months. Source: Token Terminal
The blockchain-native token is deployed on multiple chains, including SXT, Ethereum, and Base. At the time of publication, CoinMarketCap data showed there were 368,350 token holders. SXT had a market cap of $21.92 million.
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