EasyFi is an unlicensed money market protocol for digital assets built entirely on blockchain networks and is part of what is known as the ‘decentralized finance’ industry.
February 16, 2021
3 minutes to read
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As a stock trader, investor, and fund manager, Anshul was introduced to blockchain and cryptocurrencies. While Blockchain technology has seen multidisciplinary growth around the world, especially in the area of finance, the adoption of this technology is appalling and limited to those who have the appropriate exposure or who have the technical background to be able to use it. understand. With decentralized finance (financial applications that run on blockchain networks) this can be solved, however, there are also many hurdles.
The real beneficiary, which is the general mass, has been practically excluded from its use for the aforementioned reasons and more. It is this problem that was Anshul Dhir’s eureka moment and led to the idea of building something that opens up the blockchain market to everyone without having anything to know about blockchain and finally working towards the ambitious goal of banking the unbanked.
EasyFi is an unlicensed money market protocol for digital assets built entirely on blockchain networks and is part of what is known as the ‘decentralized finance’ industry. Users can lend and borrow any digital asset instead and at a market determined interest rate without third party intervention and also retain custody of their assets.
. EasyFi enables users to access global credit markets on a peer-to-peer basis, regardless of geographic constraints, by eliminating rent-seeking middlemen and allowing them to choose the financial products of their choice. Elaborating on the concept, Dhir said, “We make it easy for small investors to use a blockchain-based finance application to take out the loans of their choice in an automated manner. Whether it’s payday loans, microloans, credit default swaps, our users could do it with just a few clicks. EasyFi offers blockchain-based lending products for end users while retaining custody of their digital assets. “
EasyFi has disbursed loans to the tune of $ 30 million to more than 6,500 unique users since its launch. The company closed a US $ 300,000 round of funding with angel investors in the traditional finance and DeFi space at a valuation of $ 3 million (fully diluted). EasyFi now has a huge user base around the world with over $ 50 million in business completed in the past 6 months. EasyFi is currently valued at $ 55 million (fully diluted) and its native EASY token is traded on major global digital asset exchanges.
Speaking of reaching the breakeven point, Dhir said, “We are likely to break even in the next two quarters with major expansion vertically and horizontally, therefore planned in accordance with the upcoming roadmap. With new products lined up for launch and infrastructure expansion, we hope to add new revenue streams. We are determined to print net income on the balance sheet by the second quarter of 2022. ”The company will soon expand with new loan products, viz. consumer credit, business credit and wage credit.