GoldFinch, a lending protocol for cryptocurrency loans, has reached more than 1 million users. This is the second significant achievement after the business announced in April this year that its active loans had gone over more than $100 million globally.
Blake West, Warbler Labs CTO, and GoldFinch Co-Founder conveyed his merriment saying,
“Crypto feels so potentially transformative, that to not have it go out into the real world feels like a real disappointment compared to what’s possible. I’m proud of the GoldFinch community that the network is showing it’s possible to access DeFi’s yields while also actually expanding financial inclusion.”
GoldFinch is a globally accessible credit protocol with a mission to leverage DeFi to increase access to credit, both for people who need capital as well as making it easy for regular people to contribute capital and stand to earn. The lending protocol was launched on Ethereum in February 2021 and is supported by a16z, Coinbase Ventures, Variant, and others.
The protocol gives cryptocurrency loans without the need for cryptocurrency collateral, which sets them apart. Additionally, this is an idea they seem to be scaling successfully.
The countries with the most active loans are the USA, Kenya, Mexico, Nigeria, India, and Ghana.
GoldFinch has expanded its pools to Kenya through Tugende, a Ugandan credit and asset finance company that offers loans to Kenyans so they can buy motorcycles for their businesses.