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With money being the fundamental essence of modern economies, it is only natural that banking has evolved over the centuries to become one of the most lucrative sectors globally. While the fiat lenders continue to innovate more customer-friendly credit lending products in hopes of pulling more underbanked people into the system, one reality remains — there are potentially millions of financially underserved individuals across the globe today.
This can be attributed to their inability to provide collateral for loans, which ultimately leads to the challenge of establishing a credible credit history to give them better opportunities to pull themselves out of the disadvantaged financial conditions.
Creditcoin aims to become the web3 credit bureau by introducing blockchain technology to credit lending. That way, it helps people currently unbanked or underserved by the traditional banking system to access credit and acts as a bridge between TradFi and DeFi. Their focus areas are emerging markets such as Africa, South America, Southeast Asia and other places where the credit lending system is failing.
Key Takeaways:
Creditcoin is a credit network that has introduced blockchain into credit lending to serve the unbanked and underserved population as well as bridge the gap between TradFi and DeFi.
Its user-centric ecosystem opens up marginalized investors to real-world assets (RWA) investment opportunities by helping them access collateral-based lending products.
CTC has two tokens; CTC mainnet token, which drives the network, and the network’s vesting and trading token, CTC ERC-20 token.