Celsius Network and MicroMoney Partnership
Tuesday, October 31st, 2017 — We are excited to announce our partnership with MicroMoney.io, a decentralized lending mobile app. Due to the similarity in our business models, we hope to be able to help expand the credit limits of loans issued to over 100,000 existing MicroMoney customers worldwide.
Furthermore, since both MicroMoney and Celsius’ platforms use the global Ethereum blockchain technology, the partnership will also endeavor to jointly develop and standardize the protocols and user interface on top of which our monetary transactions are processed. Read our official press release here: https://pr.blonde20.com/celsius-micromoney/.
MicroMoney is a mobile lending platform built on the global blockchain technology. The firm primarily serves the unbanked population by helping them gain access to loans. The MicroMoney.io app currently extends credit to over 100,000 people in five Asian countries: Cambodia, Myanmar, Indonesia, Sri Lanka and Thailand.
The fintech startup also creates credit profiles of its users that they then make accessible to banks and other lending institutions. By allowing access to the credit history of unbanked borrowers in Asia, Africa, and the Middle East, MicroMoney helps other lenders enter new markets with significantly lower risks. The firm hopes to eradicate poverty globally through its novel business concept.
The firm seeks to use Celsius to extend higher limits to its best customers and better serve those who are underserved by the banking industry in the developing world. It also hopes to expand globally. MicroMoney.io is in the midst of distributing its tokens, looking to raise between $15-$30 million and add 25 million customers to its user base. Their executive team is led by Anton Dzyatkovskiy and consists of a diverse team of individuals spanning the globe.
At Celsius Network, we manage and extend consumer loans through a peer-to-peer network. Like MicroMoney, we hope to serve the underbanked population with a focus on young adults who have limited or no credit histories. The Celsius product is slated to launch next year after token distribution. We recently published our open-lending and credit protocols which are now available for adoption by all other lending organizations.
Celsius Network is helmed by serial entrepreneur, Alex Mashinsky founder of Transit Wireless and Arbinet — two of New York’s top startups in the past two decades.
Describing peer-to-peer loans and the innovation in the consumer credit space, he has been quoted as saying, “No one has done this before on the blockchain. With Celsius, we completely reinvent how you apply for a credit limit, get issued a credit score and get access to a credit line or a credit card. We created a membership organization which changes how you do things and who benefits.”
To read more about our business proposition, check out coverage of Celsius in Forbes, VentureBeat, HuffPost and International Business Times. You can also connect with us directly through our Telegram community channel for more questions about our business and any other pertinent information.