Prime Protocol, the decentralized finance-based prime brokerage (DeFi), has launched an asset-based loan service that is designed to eliminate the requirement for inter-blockchain token transfers. This was announced in a press release on Tuesday.

The protocol allows users to borrow against their entire portfolio of assets across multiple supported blockchains including Moonbeam Ethereum Arbitrum Avalanche without the need for tokens bridges

Token bridges can be exploited, resulting in users losing their crypto. The blockchain security firm Chainalysis estimates that more than $2 billion was lost last year in cross-chain hacks.

In a press release, Derek Yoo said that this is a significant enhancement in security for the DeFi industry, as it eliminates the manual bridging, which is a vulnerability that’s often exploited.

Yoo said that existing DeFi infrastructures support assets in a typical way, with a single type of collateral and on merely one blockchain.

Prime Protocol started operating on the testnet in September. More than 51,000 users have signed up for the protocol.