Category Archives: MicroMoney Updates
New York, NY, October 2017 – Celsius Network, a decentralized credit lending platform, is partnering with MicroMoney.io, a mobile app with a similar business model. The partnership will hope to expand the reach of cryptocurrency backed loans to customers worldwide. Since both firms’ platforms use the global Ethereum blockchain technology, the partnership will also endeavor to jointly develop and standardize the protocols and user interface on top of which these monetary transactions are processed on the blockchain open-ledger system.
The MicroMoney.io app currently extends credit to over 100,000 people in five Asian countries: Cambodia, Myanmar, Indonesia, Sri Lanka and Thailand. The firm seeks to use Celsius to extend higher limits to its best customers and better serve those who are underserved by the banking industry in the developing world and hopes to expand globally. MicroMoney.io is in the midst of distributing its tokens, looking to raise between $15-$30 million and add 25 million customers to its user base.
The NYC-based, Celsius Network similarly plans to manage and extend consumer loans through a peer-to-peer network. Like MicroMoney, Celsius hopes to serve the underbanked population with a focus on young adults who have limited or no credit histories. The product is slated to launch next year after token distribution. Celsius recently published its open-lending and credit protocols which are now available for adoption by all other lending organizations. Celsius just launched its pre sale and plans a token generation event in January.
Describing peer-to-peer loans and the innovation in the consumer credit space, Celsius Network CEO, Alex Mashinsky, has been quoted as saying, “No one has done this before on the Blockchain. We completely reinvent how you apply for a credit limit, get issued a credit score and get access to a credit line or a credit card., We created a membership organization which changes how you do things and who benefits.”
The MicroMoney executive team is led by Anton Dzyatkovskiy and consists of a diverse team of individuals spanning the globe. Celsius Network is helmed by serial entrepreneur, Alex Mashinsky founder of Transit Wireless and Arbinet – two of New York’s top startups in the past two decade.
Celsius has engineered a new global platform to enable peer-to-peer credit lending. Individuals within the network can apply to receive instant credit and apply for loans from other trustworthy network members depending on their transaction history. Using an ethereum-based smart contract marketplace, Celsius is providing an opportunity for everyone to participate in an ecosystem of credit lending. The platform offers peer-to-peer lending bydigital credit scores at low interest rates. Celsius will also enable borrowers leverage guarantors all over the world who are willing to join their digital wallets to our smart contracts to expand a borrower’s credit limit and lower their interest payments further.
MicroMoney is a mobile lending platform built on the global blockchain technology. The firm primarily serves the unbanked population by helping them gain access to loans. The fintech startup also creates credit profiles of its users that they then make accessible to banks and other lending institutions. By allowing access to the credit history of unbanked borrowers in Asia, Africa, and the Middle East, MicroMoney helps other lenders enter new markets with significantly lower risks. The firm hopes to eradicate poverty globally through its novel business concept.