A decentralized credit protocol is looking to weave threads of gold after a surprise listing by top US crypto exchange Coinbase.
In a new blog post, Coinbase says that the Ethereum token Goldfinch Protocol (GFI) will start trading on Coinbase Pro once appropriate liquidity conditions are met.
The project fills a niche in the decentralized finance (DeFi) space by offering loans without requiring collateral in the form of cryptocurrency.
“The vast majority of borrowers in the world can’t actually borrow on DeFi today because it requires over-collateralization with crypto.
By removing that crypto collateral requirement, the Goldfinch protocol unlocks an entirely new level of borrower capacity.
This is what will finally allow crypto to break out into global debt markets.”
Goldfinch is tapping into emerging economies across Africa, Asia, and Central and South America.
Goldfinch recently announced it had raised $25 million led by venture capital firm Andreessen Horowitz.
The new GFI token will serve a variety of functions including community governance, staking, grants and participation incentives.
The altcoin has seen wild price action since first going live yesterday. GFI was valued at $26 at launch, then quickly fell to the $17 level before lurching to as high as $32.39.
Goldfinch has since seen a slow stagger downward and currently trades for $12.10.
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Featured Image:Shutterstock/sergeymansurov/Nikelser Kate