Celo-based ReSource Finance Raises $1.7 Million to Boost Customer Acquisition

ReSource Finance, a blockchain-based protocol for mutual credit networks extending loans to web3 businesses, has raised $1.7 million from crypto funds and angel investors led by Future Perfect Ventures, NGC Ventures, and ExNetwork, as per a press release on Aug 12.

$1.7 Million from Crypto Funds and Angel Investors

Participating crypto funds included Celo-focused ecosystem fund, Flori Ventures, Davoa Capital, BlackRock Capital, and Moonwhale Ventures. 

Eran Haggiag, the founder of ClearX, and Eyal Hertzog, the co-founder of Bancor Network, are notable angel investors.

The protocol said it would use the funds to boost customer acquisition for its dApp. Additionally, it shall further enhance its reputation-based decentralized lines of credit for small-scale businesses. 

ReSource Finance is “Redefining the DeFi Mutual Credit Economy”

ReSource Finance runs on the Celo Network, taking advantage of the network’s underlying scalability and low fees to issue out loans to small businesses trustlessly. 

Through oracles and a reputation system that ranks businesses according to their creditworthiness, the protocol can trustlessly select those which businesses can readily qualify for loans. 

Scores are based on several factors, including FICO credit scores, bank statements, accounting software APIs, and marketplace reviews.

For their solutions, Xochitl Cazador of the Celo Foundation said ReSource Finance is now the leader, extending uncollateralized credit to businesses:

“ReSource is redefining the DeFi mutual credit economy. Aligned with Celo’s mission of creating the conditions of prosperity for all, ReSource is leading the way in uncollateralized credit with crypto for small businesses.”

Empowering Authentic Economy Builders

Jalak Jobanputra of the Future Perfect Ventures, the lead investor, described small businesses as authentic economy builders. 

ReSource Finance’s solution supplies them with the much-needed funds, a lifesaver for those cut out from traditional financing channels.

Using these funds, Jalak said, ReSource Finance shall complete their common goal. It is a part of their original mission of partnering with businesses to create “a more participatory, equitable and sustainable economy.”

Commenting, Jalak said:

“The ReSource team, with their unique backgrounds and skill sets, epitomizes this mission at a time when it is more important than ever to support individuals and local economies that we believe will lead the global recovery.”

In November 2020, BTCManager reported on Chorus One receiving funds from the Celo and the Interchange Foundation. The goal was to build a proof-based bridge between Celo and Cosmos networks.

Related posts:

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / / /

Deutsche Telekom Invests in CELO, Begins Staking Tokens

Key Takeaways

  • Deutsche Telekom has invested an undisclosed sum in Celo Network.
  • The firm purchased CELO tokens for staking and will help support Celo’s infrastructure.
  • Deutsche Telekom already runs a node for the decentralized oracle project Chainlink.

Share this article

Deutsche Telekom, one of the world’s biggest telecom companies, has placed another bet on crypto. 

Deutsche Telekom Continues Crypto Foray 

The telecommunications giant announced Tuesday, revealing that it had invested in the project and bought CELO tokens. The size of the investment was not specified. The company is planning on staking its tokens.

Andreas Dittrich, head of the blockchain solutions center at Deutsche Telekom, told Reuters: 

“We have no idea where Celo will be in five to 10 years, but I think we have a pretty good idea that this is not going away”

The Celo Network uses a Proof-of-Stake consensus algorithm, similar to the one Ethereum is planning on launching later this year. The network’s users can stake tokens to become a validator on the network. That involves earning yield in exchange for verifying transactions and pays about 6% APY. 

Celo Network is a blockchain payments platform is designed for mobile phones, propping up Deutsche Telekom’s interest in the project. Users can send money to one another through their mobile phone numbers, and the tokens get stored in Celo’s digital wallet. Payments and transfers are made with stablecoins. It just launched its own coin that tracks the price of the euro (it already has a dollar-pegged stablecoin). 

The project has existed mostly under the radar since launching in 2017, though it’s started to gain traction in recent months.

CELO’s price has risen with the rest of the market this year, putting the project’s market cap at about $436 million, according to CoinGecko. It closed a $20 million funding round supported by Andreessen Horowitz and other venture capital firms in February.

In addition to investing in and validating the network, Deutsche Telekom will provide other key infrastructure, including an API. It’s not yet clear whether the firm plans to adopt Celo’s features for its own services, but this isn’t its first foray into the crypto space. It already runs a node for the essential DeFi oracle Chainlink and stakes tokens on Flow, the blockchain Dapper Labs built for its popular NFT game NBA Topshot. 

Deutsche Telekom AG is Europe’s biggest telecommunications company by revenue. It made over $120 billion last year. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

This news was brought to you by Phemex, our preferred Derivatives Partner.


Share this article


Tagged : / / / / /
Bitcoin (BTC) $ 27,053.25 0.57%
Ethereum (ETH) $ 1,684.19 0.69%
Litecoin (LTC) $ 66.22 0.78%
Bitcoin Cash (BCH) $ 236.74 1.67%