RociFi and ImpactMarket will collaborate to provide on-chain loans for users in LatAm

We are excited to announce the cooperation between RociFi and ImpactMarket to power crypto lending in Venezuela.

impactMarket also called “The Human Empowerment Protocol” provides accessible financial solutions to empower underprivileged people all over the world, unlocking opportunities and human potential. Due to the use of blockchain technology, impactMarket is transparent, reliable, and borderless. It operates as a DAO on top of the Celo network, using $PACT as its governance token while running autonomously through smart contracts.

One of impactMarket’s solutions is Unconditional Basic Income (UBI), which distributes donations to individuals from vulnerable communities in almost 30 countries among which are Uganda, Nigeria, Brazil and Venezuela. With its game-changer mechanisms such as remote distributions, transparent transaction ledgers, and reaching usable currency to the very last mile, impactMarket has managed to distribute over $3 Million in UBI.

Earlier this year ImpactMarket launched in Brazil and Uganda another product, microcredit, to entrepreneurs who are unbanked or underbanked. The participants can have access to credit between $200 to $2500 over a six to a nine-month period at 0.1% per day, using impactMarket’s dApp and the Libera crypto wallet.

This time, impactMarket partners with RociFi to deliver microcredit to users in Venezuela. Prior to the disbursement, credit terms for users will be set based on RociFi on-chain credit scoring. RociFi on-chain credit score is a credit, reputation, and trust credential that neatly classifies user’s on-chain behavior into an easily interpretable scale from 1–10; with 1 being the most creditworthy and 10 being the least

The score will be determined based on the previous transactional data of the applicants. In order to fine-tune scoring to serve blockchain-based lending in Venezuela, over 80000 anonymous transactions of the target group were analyzed.

RociFi will provide scoring based on such data points as combined cUSD, CELO, and PACT balance, nr of Txs, average Tx size, and usage of such DeFi services as HaloFi on Celo.

Stay tuned for more updates about this project! Both teams are excited to enable scaled blockchain-based lending to empower underbanked entrepreneurs in Venezuela.