The Money Lender EasyFi is a permissionless money market protocol for digital assets completely built upon blockchain networks and is part & parcel of what is known as the 'Decentralized Finance' industry.
By Entrepreneur Staff •
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As a stock trader, investor & fund manager, Anshul got introduced to Blockchain and cryptocurrencies. While Blockchain technology has seen multi-disciplinary growth the world over, especially in the finance space, the adoption of this technology is abysmal and limited to those who either have appropriate exposure or have some technical background to be able to understand it. With Decentralized Finance (Financial applications that run on blockchain networks) this can be solved, however, there are multiple hurdles there too.
The real beneficiary, which is the general mass, has been virtually kept out of its use due to the above-mentioned reasons and more. It is this problem that was Anshul Dhir's eureka moment and led to the idea of building something that opens up the blockchain market to everyone without having to know anything about blockchain and finally work towards the ambitious goal of banking the unbanked.
EasyFi is a permissionless money market protocol for digital assets completely built upon blockchain networks and is part & parcel of what is known as the 'Decentralized Finance' industry. Users can lend and borrow any digital asset in lieu of and for a market-driven rate of interest without the interference of any third party and also retain custody of their assets.
. EasyFi enables users to access global lending markets on a peer-topeer basis regardless of geographical constraints, scoring out rent-seeking intermediaries and empowers to choose financial products of their choice. Elaborating on the concept, Dhir says, "We are enabling small investors to use a blockchain-based finance application with ease to take loans of their choice in an automated way. So be it payday loans, microloans, credit default swaps - our users would be able to do that in few clicks. EasyFi offers blockchain-based lending products for end-users while retaining self custody of their digital assets."
EasyFi has disbursed loans to the tune of $30 million to more than 6500+ unique users since launch. The company closed an angel round of US $300,000 with angels from the traditional finance & DeFi space at a USD 3 Million valuation (Fully diluted). EasyFi now has a huge userbase globally with more than USD 50 Million of business done in the last 6 months. EasyFi is currently valued at USD 55 Million (Fully diluted) with its native token EASY being traded over the world's major digital asset exchanges.
Talking about attaining the breakeven, Dhir states, "We are likely to attain break-even in the next two quarters with major expansion vertically & horizontally, so planned as per roadmap ahead. With new products lined up for launch & infrastructure expansion, we are hopeful to add newer revenue streams. We are determined to print net profit on the balance sheet by Q2, 2022." The company will soon expand with new lending products viz. consumer loans, business loans & salary loans.
