- San Francisco-based firm Gluwa has launched its first crypto native venture debt fund.
- The fund aims to offer retail investors with fixed 12% APY.
- 7 hours after the Bond went live, it had already reached its funding cap.
The San Francisco-based firm Gluwa has launched its first crypto native venture debt fund on the Ethereum Network. The fund aims to promote financial inclusion and offers retail investors an industry-leading fixed APY of 12%.
In fact, 7 hours after the Gluwa Bond Account went live, it had already reached its funding cap. They shared the good news on twitter today saying,
Thank you to everyone who invested in the Bond Account! 🙏
Due to unprecedented demand, we reached our funding cap in under 7 hours! 🤯
— Gluwa (@gluwa) September 9, 2021
Remarkably, the new venture debt fund is a fixed-term (3 months), interest-bearing account handled on a Luniverse Ethereum sidechain. According to Gluwa, retail investors from several countries can participate in the account by exchanging BTC to sUSDC-G (A Gluwa stablecoin) via Gluwa’s in-app non-custodial exchange. Debuting with a starting investment cap set at $500,000 sUSDC-G, deposits will be made on a first-come, first-served basis.
For those who are not familiar with Gluwa yet, it is a borderless financial platform built to give everyone access to quality currency without failing the barrier of border restrictions. Its product suite includes a non-custodial cryptocurrency wallet, a non-custodial cryptocurrency exchange, and a high-yield interest-bearing account.
The company has already formed partnerships with several credit-granting companies. Notably Aella, who provide credit lines to millions of users across Africa, as well as Jenfi, who provide revenue-based debt financing to digital native businesses across Asia.
Meanwhile, Gluwa Invest Product Manager Brendan O’Toole shared his statement about the launch saying,
The launch of Gluwa Invest is a significant milestone, and a major step towards realising our final vision: connecting people all over the world with the opportunities, capital and investment they need.
As opposed to traditional DeFi lending protocols, which rely on over-collateralized lending, Gluwa Invest represents a first step in developing a decentralized credit ecosystem for non-collateralized lending based on the Creditcoin blockchain. As Creditcoin’s developers, all Gluwa’s credit investments will be transparently recorded on its open credit recording blockchain, allowing investors to transparently track their funds in future.
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