Over 1 million people & businesses reached via Goldfinch’s Borrowers
Goldfinch’s USDC capital is now financing real-world growth for over 1M+ people & businesses via the protocol’s Borrowers
The capital accessed on Goldfinch, a decentralized credit protocol, has now reached over a million people and businesses as estimated by the protocol’s Borrowers. The USDC capital is funding productive business activities across 20+ countries, from providing accessible debt to early-stage and sustainability-focused agrotech companies in Mexico to financing small business ownership in Kenya, and beyond.
“If we want to see crypto have the kind of impact on society that we all know it can, we need to get more of the actual broader economy on-chain accessing DeFi’s benefits,” said Warbler Labs CEO and Goldfinch Co-Founder Mike Sall. “Knowing that the USDC lent by Goldfinch’s participants is enabling real, productive growth for over a million people and businesses around the world is a sign that bringing real-world investment to DeFi has huge potential.”
Launched on Ethereum in February 2021 and backed by a16z, Coinbase Ventures, Variant, and others, Goldfinch is a globally accessible credit protocol with a mission to bring the world’s credit activity on-chain. After just a year of operation the protocol passed $100M in active loans, on the heels of expanding participation to US Accredited Investors and adding support for Curve LP staking.
The protocol makes crypto loans without requiring crypto collateral — the missing piece that finally unlocks access to cryptocurrency capital for most people in the world. Instead, Goldfinch’s novel ‘trust through consensus’ creates a way for borrowers to show creditworthiness based on the collective assessment of other participants, who can require off-chain agreements and verification. Currently, all loans on the platform are fully collateralized with off-chain assets.
“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.”
— Blake West, Warbler Labs CTO and Goldfinch Co-Founder
About Goldfinch
Goldfinch’s Borrowers (currently off-chain lending businesses and credit funds) propose deal terms for credit lines (Borrower Pools) to the protocol. Goldfinch’s community of Investors can then supply capital to these credit lines (Pools). The Borrowers use their credit lines to draw down stablecoins, specifically USDC, from their Pool. Borrowers then exchange the USDC for fiat currency and deploy it on the ground to end-borrowers in their local markets.
In this way, the protocol provides the utility of crypto — specifically, its global access to capital — while leaving the actual end-borrower loan origination and servicing to the businesses best equipped to handle that in their own communities. Based on Borrowers’ data on their own lending activities, the USDC they have raised from the protocol has now gone on to supply funding to over a million people and businesses.
By removing the need for crypto collateral and providing a means for automatically distributed yield, the protocol dramatically expands both the potential borrowers who can access crypto and the potential investors who can gain exposure.
“Knowing that the USDC lent by Goldfinch’s participants is enabling real, productive growth for over a million people and businesses around the world is a sign that bringing real-world investment to DeFi has huge potential.”
— Mike Sall, Warbler Labs CEO and Goldfinch Co-Founder
Get involved
You can learn more about how Goldfinch works in the protocol overview, and explore its goals in the Goldfinch Manifesto. To get started as an investor in the network, follow the getting started guide or start your verification here.
Want to get connected? Follow @goldfinch_fi, sign up for the weekly protocol updates, or join Goldfinch’s 38,000 active community members in Discord.
