Lending network enables transparent credit history in Africa via blockchain p...
Creditcoin founder Tae Oh said the partnership brings them closer to their goal of giving the unbanked a fairer shot. African mobile banking platform Aella has partnered with Creditcoin Network to make credit histories transparent by integrating all its transactions into Creditcoin’s public blockchain.In an announcement sent to Cointelegraph, Creditcoin said that all Aella's credit transactions will be recorded on the Creditcoin blockchain, making it easy to audit and available for viewing through their block explorer. The recorded transactions will include the terms of the loans as well....
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Another disruptive technology powered by the Blockchain is set to completely eliminate the outrageously high cost of remittances to Africa. Coin Telegraph Spoke to Kumar Gaurav, Cashaa’s co-founder & CEO, about how the application can solve Africa’s exorbitant cash transfer transaction costs. On average it costs 10-12% to wire cash to Africa, where there is an estimated 80% of the population without access to banking. This is compounded by the lack of a transparent exchange rate. Needless to say many African households depend on remittances from the diaspora. In fact, in some countries....
This project is focusing on cross-chain interoperability and on-chain credit scoring to advance the DeFi lending ecosystem. Wing, a lending protocol built on the Ontology blockchain, currently has $180 million in crypto assets staked on its platform — not a meager amount, even by Ethereum (ETH) standards. Eric Pinos, Ontology’s ecosystem lead for the Americas and an advisor to Wing, told Cointelegraph that he believes two features make this DeFi project unique: cross-chain interoperability with Ethereum and the fact that lending is credit-based, allowing for loans to be....
A credit score is a statistical value or number that helps the lending parties evaluate their customer’s creditworthiness based on their previous credit history and repayment. Zoracles developed an on-chain solution called Zora Score to calculate an Ethereum wallet’s creditworthiness based on factors including the age of wallet, DeFi activity and loan repayment. Credit scores […]
Bitcoin peer-to-peer lending network BTCJam has implemented a risk-based pricing model, changing the way it sets borrowing interest rates in an attempt to improve users' security. The model, widely used by lenders in the mortgage and financial services industries, sets the borrower's interest rate based upon their credit score; the higher the credit score, the lower the interest rate. A statement from the lending network, said: Since BTCJam has all of the information about the borrowers, we are in a better position to determine the likelihood of the borrower paying back the loan and will....
Peer-to-peer lending, also known as P2P lending, crowdlending, or social lending, allows borrowers to connect directly with lenders, bypassing the middleman normally involved when utilizing traditional banking systems. In a P2P lending scenario, lenders are typically referred to as “investors,” who loan money to qualified applicants. The intermediary website (P2P platform) usually sets the rates and the term for the lending agreement, and once the terms are agreed by both parties, the transaction will be facilitated. To better understand P2P lending, it’s important to have a firm grasp of....