Brú Finance announces partnership With Bluejay Finance.
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(Spin Digit Editorial):- Mumbai, Maharashtra Sep 20, 2022 (Issuewire.com) – Real-world asset-backed Defi lending has opened the global capital pool for the un/underbanked population of emerging markets. Now borrowers can collateralize their real-world assets and instantly access the capital to support their businesses and families using platforms like Brú Finance
However, a major challenge in real-world Defi lending is that borrowers get money in the form of US dollar-denominated stablecoins such as USDT. Borrowers in emerging markets don’t have the option to spend stablecoins directly to meet their financial needs. To use the borrowed capital, borrowers must convert it to local currencies. Unfortunately, the complexity and foreign exchange risk of converting stablecoins such as USDT to local currencies deter the borrowers from using Defi lending.
Brú Finance and Bluejay Finance have taken a joint step forward to solve this problem of underbanked communities, such as farmers in South East Asia. India’s largest blockchain fintech startup Brú Finance, and Singapore-based multi-currency stablecoin protocol Bluejay Finance have entered into a strategic partnership to boost mainstream DeFi usage among the un/underbanked population of developing economies.
Brú Finance is globally the largest tokenized real-world assets (RWA) issuer. Connecting decentralized lending to the real economy, serving the un/underbanked population of 1.70 billion in the global south, Brú Finance is creating an open financial ecosystem for credit invisible segments such as farmers, artisans, rural women groups, and small enterprises.
Ashish Anand, CEO & founder of Brú Finance, said, “we are building Defi 2.5 that connects decentralized lending and borrowing with the real economy and expands Defi’s scope to billions of underserved people. However, crypto is notoriously volatile; so lending and borrowing in crypto are far from spending crypto for daily needs. Stablecoins solve the problem because they are pegged to reference assets. USDT is one such example that is pegged to the US Dollar.
However, it is impractical for unbanked people in developing economies to jump through hoops to convert crypto pegged to USD to their local currencies. Our partnership with Bluejay Finance makes crypto usage possible for the currently disenfranchised segment of society.”
Bluejay Finance is a capital-efficient decentralized stablecoin protocol for issuing stablecoins pegged to real-world currencies in emerging markets. Bluejay Finance offers stablecoins of different currencies worldwide on the blockchain, lowering the barrier for businesses and individuals in these countries to transact with minimized currency exchange risk. This helps to widen the product offerings of existing DeFi companies.
On this occasion, Sherry Jiang said, “our partnership with Brú Finance is a step towards reducing inequality by providing and enabling equal access to low-cost financial services for all. Brú Finance’s Defi2.5 protocol powered by Bluejay Finance’s local stablecoins will be a game changer, especially for developing economies.”
Together Bluejay Finance and Brú Finance are planning to build a financial inclusion model wherein people like farmers, small business owners, and artisans will have access to Defi borrowing in local stablecoins. The companies are working together in South Asia and South East Asia as the first focus markets.
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Source :Brú Finance
This article was originally published by IssueWire. Read the original article here.