Gradually, cryptocurrencies become a larger part of the economic ecosystem. Major platforms such as PayPal allow users to buy and sell digital assets, Bitcoin attracts favorable columns in newspapers, and countries offer a set of rules that allow virtual currencies to flourish.
But a start-up says that there is a major obstacle that still needs to be taken seriously: to give crypto enthusiasts a reliable market where they can freely use their coins.
DeFi For You says that it creates an e-commerce platform powered by the Binance smart chain where goods can be bought, sold, rented and even pledged. The company’s founders believe that the cryptocurrency area must create its own ecosystem where sellers and buyers can shop instead of waiting for Amazon to enter the room.
Given that pawn shops have built up a somewhat dubious reputation in some parts of the world in recent years, DeFi For You believes that this hundred-year-old approach to financing represents a largely untapped market that can dramatically increase financial inclusion.
According to the founders of DeFi For You, the foreclosure market is valued at $ 14.5 billion in the United States alone, and $ 400 billion in Southeast Asia. But so far, this concept has struggled to take the leap into the internet world because it would have been impossible to achieve without smart contracts.
Thanks to the DeFi For You platform, users will be able to open their own pawn shops and lend money to people all over the world, while maintaining guarantees. Managers say that in the real form of decentralized financing, this will allow consumers to become their own bank. Lenders and borrowers can directly define the terms of any loan, and all this information is stored in a smart, irrevocable contract.
Benefits of blockchain
Over time, DeFi For You believes that it can give billions of people who are denied access to basic financial services easy access to credit. To reduce the risk of someone not fulfilling their obligations, it would be possible to verify each user’s reputation on the blockchain, which would be a more modern alternative to the old credit rating.
The terms offered for loans will depend on the lender’s reputation and the type of security they wish to offer, with preferential terms offered to those with a good reputation.
More information from DEFI for you here
The people behind the project build their infrastructure on Binance Smart Chain, and a BEP20 smart contract sign, known as DFY, is generated.
Although BSC is less decentralized than Ethereum, the founders of DeFi For You stated that they were attracted to blockchain because they offered faster transaction fees and lower costs, with blocking times of three to five seconds.
The apps will soon be available on the Apple App Store and Google Play, making the platform accessible to anyone with an Android or iPhone.
DeFi For You was founded by Adam Chaplin, who was also a co-founder of the cryptocurrency travel site Travala.com.
The project makes it clear in its white paper that the goal is to make the global credit system more inclusive than it is today, and to introduce much-needed competition in the lending sector. The team added: “We believe access to credit is one of the most important success factors today.”