San Francisco, USA, 9th September, 2021,
San Francisco-based financial platform Gluwa has launched the first cryptocurrency native venture debt fund on the Ethereum Network. The fund is aimed at promoting financial inclusion and offers retail investors an industry-leading fixed APY of 12%.
Gluwa Invest is a key component of Gluwa’s borderless financial vision, designed to connect investors anywhere in the world to high-yield, high-growth opportunities in capital-constrained emerging markets. Staked funds are pooled and used to provide liquidity to various partners, and by extension, credit opportunities & credit lines for the unbanked and underbanked. Credit lines such as these can represent a rare opportunity to kick-start a small business or pay for a medical emergency.
Gluwa already has investment partnerships with various credit-providing companies. Notably Aella, who provide credit lines to millions of users across Africa, as well as Jenfi, who provide revenue-based debt financing to digital native businesses across Asia.
The new venture debt fund is a fixed-term (3 months), interest-bearing account handled on a Luniverse Ethereum sidechain. Retail investors from several countries can participate in the account by exchanging BTC to sUSDC-G (A Gluwa stablecoin) via Gluwa’s in-app non-custodial exchange. Debuting with a starting investment cap set at $500,000 sUSDC-G, deposits will be made on a first-come, first-served basis.
In recent weeks, over 1,000 users have completed KYC/Identity Verification ahead of the official Bond Account launch, the first of Gluwa Invest’s full suite of investment products. Other accounts due to go live in late 2021/early 2022 include the Savings Account, paying 5% APY with no-fixed term, and a Prize-Linked Savings Account where participants can stake funds for entries into a collective lottery pool. The latter enables investors to randomly earn a share of collective interest (4% APY) from the entire liquidity pool.
“The launch of Gluwa Invest is a significant milestone, and a major step towards realising our final vision: connecting people all over the world with the opportunities, capital and investment they need,” said Gluwa Invest Product Manager Brendan O’Toole.
“Our users benefit twofold,” explains Gluwa CEO Tae Oh. “Firstly, by making responsible investments that provide credit opportunities to millions of people; and secondly, by providing our investors with industry-leading returns.”
Unlike other DeFi lending protocols, which rely on over-collateralized lending, Gluwa Invest represents the first working example of Gluwa’s wider push towards achieving a decentralized credit ecosystem for non-collateralized lending based on the Creditcoin blockchain. As the developers of Creditcoin, all Gluwa’s credit investments will be transparently recorded on its open credit recording blockchain, allowing investors to transparently track their funds in future.
Gluwa is a borderless financial platform built to give everyone access to quality currency without facing the barrier of border restrictions. Gluwa’s product suite includes a non-custodial cryptocurrency wallet, a non-custodial cryptocurrency exchange, and high-yield interest-bearing accounts. With a passion for blockchain and information transparency, the platform is committed to building a future of financial inclusion, in which every person can be their own bank.