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Finance Blocks is moving forward with a Premium Launchpad IEO, ProBit Global’s cornerstone for accelerated early-stage fundraising.
Starting on February 16, FBX will look to capitalize on the early success of the Launchpad feature raising $350K for blockchain project Medium and $50K for SportX with its SOX tokens 4X post-listing.
Financial services aimed at serving the underprivileged such as cooperative credit societies remain plagued by a lack of oversight and regulation, among many other issues.
Finance Blocks sets out to “bank the unbanked,” a common term used in the crypto space referring to the need to increase the breadth of financial services to marginalized communities with unbanked rates in countries as high as 71%.
Co-Founder and CEO Jake Seltzer received the Start-up Leader of the Year Award in the Fintech category for his microfinance platform that leverages blockchain technology with a foundation built on Ethereum and Polygon.
The team seeks to bridge the financial service gap between rural financial institutes, or RFI, and the underserved by revamping inefficient legacy infrastructure with their digitally improved counterparts.
For example, smart contracts will provide “smart credit scores” as a lack of verifiable credit remains a significant obstacle for the unbanked. Thanks to a digital ledger immutably storing financial data, RFIs can accurately assess financial trustworthiness and assign appropriate credit scores on behalf of users.
The transparently stored credit stores can also be verified by other banking institutes through FBX tokens, further democratizing access to financial loans such as EMI at more favorable rates.
With the average cost for sending a cross-border remittance during Q1 2021 at 6.4%, FBX will also play a vital role in facilitating affordable cross-border transactions as remittances remain crucial to the financial livelihoods of many communities.
ABOUT FINANCE BLOCKS
Finance Blocks works as a Platform as a Service (PaaS) solution to Rural Financial Institutions through which they can digitize their banking process. Finance Blocks is backed by cutting-edge technology that enables institutions to provide seamless financial offerings to rural populations. Finance Blocks has integrated Polygon protocol and intends to push all information to the Ethereum Blockchain. Presently, our ecosystem supports 1000 transactions per second. The platform connects seamlessly with national identity systems and extends a secure repository for user identification data on the blockchain.
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