A decentralized credit protocol is looking to weave gold threads after a surprise listing by the largest US cryptocurrency exchange Coinbase.
In a new blog post, Coinbase says that the Ethereum token Goldfinch (GFI) Goldfinch (GFI) protocol will start trading on Coinbase Pro once the appropriate liquidity conditions are met.
The project fills a niche in the field of decentralized finance (DeFi) by offering loans without the need for collateral in the form of cryptocurrency.
“The vast majority of borrowers in the world cannot actually borrow from DeFi today because it requires an increase in collateral with cryptocurrencies.
By removing the requirement for cryptographic collateral, the Goldfinch protocol opens up a whole new level of capacity for the borrower.
This is what will finally allow cryptocurrencies to rush into the global debt markets.”
Goldfinch is exploiting emerging economies across Africa, Asia, and Central and South America.
Goldfinch recently announced that it has raised $25 million led by venture capital firm Andreessen Horowitz.
The new GFI icon will serve A variety of jobs including community management, foreclosure, grants and participation incentives.
The altcoin has seen wild price action since its debut yesterday. GFI was valued at $26 at launch, then quickly dropped to the $17 level before making a rally to $32.39.
Since then, the goldfinch has seen a slow volatility to the downside and is currently trading at $12.10.
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Featured Image: Shutterstock / sergeymansurov / Nikelser Kate