October 27th, 2021 at 3:56 pm UTC · 3 min read
Gluwa, the platform for decentralized financial services, has been selected as a winner of the Inclusive Fintech 50 competition, which this year selected the best among nearly 400 eligible applicants.
Gluwa is a blockchain platform that combines DeFi infrastructure with investment opportunities to create a new financial ecosystem for those who are under-banked or who live in unbanked areas through its permissionless Creditcoin blockchain. Gluwa was selected for the Inclusive Fintech 50, an initiative that aims to discover and leverage early-stage fintechs to help achieve a more inclusive financial ecosystem, based on an assessment across the four criteria of inclusivity, innovation, traction, and scale potential.
Inclusive Fintech 50 selects the top 50 global fintech early-stage companies working on high-social impact financial innovations. Its aim is to promote financial inclusion to under-served populations who may lack basic bank accounts or even identification. Participation in the competition provides startups with visibility and credibility among investors as well as media and partnership exposure. IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid & Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI).
As a cryptocurrency startup, Gluwa is well-positioned to improve financial inclusion. In addition to its non-custodial crypto wallet, Gluwa is active in the field of decentralized lending. Gluwa’s recently launched Gluwa Invest product allows users to receive up to 12% APY on their deposits with funds distributed to Gluwa Capital’s international network of fintech lenders aimed towards boosting financial inclusion.
Gluwa’s cryptocurrency, Creditcoin, puts down the foundations for a decentralized credit ecosystem by recording lending contracts on a decentralized blockchain. Users in underbanked countries can thus build a verifiable credit history and achieve greater access to capital. Fintech lenders worldwide in developing markets can secure their loan portfolios on the Creditcoin blockchain, while using this credit history to tap into lending pool liquidity and maximize their lending potential.. Creditcoin creates a global marketplace for lenders everywhere to help the disenfranchised, underbanked of the world.
Tae-Lim Oh, Co-founder and CEO of Gluwa, says:
“We are honored to have been selected for the Inclusive Fintech 50 competition. Our project aims to leverage fintech and crypto to create basic financial services for those who have been unserved until now. Our vision is fully aligned with the spirit of Inclusive Fintech 50, which is why this is going to be a great opportunity for us to create a network with investors or start-ups who want to make the vision a reality.”
Gluwa is a borderless financial platform based in San Francisco. Created to provide access to valued currency, credit, or investment opportunities that are free from national boundaries, the venture employs a global team distributed across the US, Canada, South Korea, and elsewhere. Gluwa offers a non-custodial cryptocurrency wallet, exchange, and investment products. The platform boasts over 2 million users worldwide.