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DeFi services platform Gluwa was named a winner of the Inclusive Fintech 50 competition, Invezz learned from a press release. Gluwa combines investment opportunities with DeFi infrastructure to create a new financial ecosystem for the unbanked or underbanked through its permissionless Creditcoin blockchain.
Creating an inclusive ecosystem
Gluwa was selected to win the Inclusive Fintech 50 initiative, which aims to find and support early-stage fintech companies to help create a more inclusive financial ecosystem based on scale potential, traction, and innovation. There were nearly 400 eligible applications as part of the global competition that is managed by the Center for Financial Inclusion (CFI).
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Gluwa is well-positioned to improve financial inclusion. It is active in decentralized lending and has a non-custodial crypto wallet. Recently, Gluwa launched Gluwa Invest that offers up to 12% APY on deposits. The funds are distributed to Gluwa Capital’s international network of fintech lenders.
Tae-Lim Oh, Co-founder and CEO of Gluwa, said in the press release:
We are honored to have been selected for the Inclusive Fintech 50 competition. Our project aims to leverage fintech and crypto to create basic financial services for those who have been unserved until now. Our vision is fully aligned with the spirit of Inclusive Fintech 50, which is why this is going to be a great opportunity for us to create a network with investors or start-ups who want to make the vision a reality.
Creditcoin lays foundations for decentralized credit ecosystem
Creditcoin, Gluwa’s native token, lays the foundations for a decentralized credit ecosystem. It achieves this by recording lending contracts on a decentralized blockchain. This way, underbanked users can develop a verifiable credit history and access capital more easily.
Fintechs on developing markets can secure portfolios
Fintechs on developing markets across the globe can use the Creditcoin blockchain to secure their loan portfolios. They can also use this credit history to maximize lending potential by tapping into lending pool liquidity.