OpenFi Recap | November 2022
This month in OpenFi: Gluwa joins Verify VASP, Binance launches CTC custody and more…
Welcome to the November OpenFi Recap. It’s certainly been an interesting month for crypto, with the collapse of FTX and the associated fallout affecting several major crypto lenders. Luckily for us, there’s been a lot less drama at home, with work focused on the new Fixed-Term Account (now: Investor DAO), a website refresh, and several new features coming to the Gluwa Wallet (some of which we cover in this recap).
Unfortunately we weren’t quite able to launch the new Fixed-Term Account (Investor DAO) on schedule. On that topic, we’ve shared a little update from our new Q&A session for visibility:
Firstly we’d like to address a delay to our Fixed-Term Account release schedule. Last week we discussed our hope to launch to the FTA in November. Unfortunately this has been delayed. Whilst the actual app update, dev work, and everything else is ready to go, we’re just waiting on the finalization of some legal documents before we can green-light the release.
Given that this product is the first of its kind anywhere in the world, it’s not too surprising that the legal work is taking longer than we’d hoped for. We can only ask for your continued patience and support as we wait for the legal documentation to get confirmed. As soon as we have that sorted, we’ll be releasing the FTA as fast as we can. Thanks again for your patience, Gluwa.
With that out of the way, lets get on to the recap.
Creditcoin
Binance Custody Launches CTC support
Binance Custody launched its custodial services for ERC-20 CTC, available exclusively for institutional clients. Whilst this move won’t affect most users, custodial services are important for enabling long-term institutional adoption, providing CTC-enabled businesses with a safe means to manage and handle their CTC reserves.
Nov Creditcoin Q&A
The second of our monthly Q&A sessions. We had some really great questions this month, covering the FTX collapse and the risks it highlighted, the relative advantages of OpenFi, and our plans for real-world adoption. We really took our time in answering each one carefully. If you’re interested in seeing the answers, the link is here.
GOFi CTC Staking Open
GOFi reopened CTC staking last month. We’ll continue to share updates on third-party staking opportunities as and when they come, just make sure you follow us on twitter to stay updated. Or you can simply use the Gluwa app to start staking today. Check out our beginner staking guide here.
DeFi Lending Explained: Overcollateralization
DeFi lending is an incredible new advancement in technology, and yet its applications remain frustratingly niche. We discuss what overcollateralization is, why it’s so important for DeFi, and how it represents both a blessing and a curse. Spoiler alert, overcollateralization significantly impairs real-world adoption opportunities, something which OpenFi is helping to address. Find out more here.
OpenFi Recap October Report
If you missed last month’s recap, you can check it out here. Here’s a quick summary of the biggest stories: We partnered with the Lagos State Government (the biggest state in Nigeria) to build new financial and credit infrastructure using blockchain, we announced a Gateway DAO integration planned for the Blocto Wallet, held a special Lottery Account event and launched our new regular Q&A. Check out the full post for all the details.
Gluwa
Gluwa is joining the VASP Alliance!
Here’s the new feature we mentioned, Gluwa is joining the Verify VASP alliance, meaning optional Travel Rule compliance features are coming to the Gluwa app! You may have heard of the Travel Rule and other FATF regulations before. In summary, these require virtual asset service providers (VASPs) to collect personal information on their users before they can transfer their assets freely.
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By enabling Verify VASP, you’ll be able to send and receive your assets between the Gluwa Wallet and all compliant exchanges such as GOPAX, Bittrex, OKX, Huobi and dozens more.
Of course, you can still retain full privacy too. Our Verify VASP feature is completely optional and turned off by default. Stay tuned for more info when this update comes out.
Lottery Account Event
We ran one of our biggest Lottery Account events to date, with $22.5k of CTC up for grabs exclusively to Lottery Account investors! If you missed out, don’t worry, we have another event live right now with 60k of CTC prizes. All the details here.
That’s it for November folks. We hope you enjoyed this month’s recap report. And don’t forget, now’s a great time to open a Lottery Account and claim some of the CTC prize pool while you wait for the FTA release!
About Creditcoin
Creditcoin is a foundational L1 blockchain designed to match and record credit transactions, creating a public ledger of credit history and loan performance and paving the way for a new generation of interoperable cross-chain credit markets.
By working with technology partners, fintech lenders such as Aella, and other financial institutions across global emerging markets, Creditcoin is securing capital financing, building credit history and facilitating trust for millions of underserved financial customers and businesses based on the principles of Open Finance.
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About Gluwa
Gluwa is an Open Finance platform, connecting capital from developed markets to emerging market lending opportunities using blockchain technology. By providing the decentralized infrastructure rails to raise and disburse capital anywhere in the world, investors can use the Gluwa Investplatform to partake in debt-financing deals with emerging market fintech lenders, earning up to 20% APR.
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