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ReSource Raises $1.7M to Improve Decentralized Credit Access to Web 3 Companies

ReSource-Finance
  • ReSource Finance announced it raised $1.7 million in a financing round.
  • The fund-raise is to offer undercollateralized credit to Web 3 businesses.

 ReSource Finance announced it raised $1.7 million to offer undercollateralized credit to Web 3 businesses.

According to the decentralized protocol for mutual credit networks, ReSource Finance, it has raised $1.7 million in funding round. In a press release, the ReSource Finance team said that the fund would be used to improve decentralized credit access to Web 3 companies.

The funding was led by Future Perfect Ventures, NGC Ventures, and ExNetwork. In addition, the financing round also involves many investors in the crypto and blockchain industry. Notably, Davoa Capital, BlackRock Capital, Moonwhale Ventures, Follow the Seed, Floem Capital to name a few.

In a statement, ReSource Finance stressed that it will use the fund to boost customer acquisition on the Resource Finance dApp and enhance decentralized lines of credit to small-scale ventures.

Speaking of the funding, the founder and managing partner at Future Perfect Ventures, Jalak Jobanputra, emphasized that the latest funding aims to complete the common goals shared with ReSource.

In addition, Jobanputra said,

The ReSource team, with their unique backgrounds and skillsets, epitomizes this mission at a time when it is more important than ever to support individuals and local economies that we believe will lead the global recovery.

Built on the Celo Network, ReSource leverages its fast and low fee platform to let companies access loans from their peers. Also, it builds a unique credit system to evaluate the creditors to pick the best firms to extend lines of credit.

Looking at this, Xochitl Cazador, head of Celo ecosystem growth, said,

ReSource is redefining the DeFi mutual credit economy. Aligned with Celo’s mission of creating the conditions of prosperity for all, ReSource is leading the way in uncollateralized credit with crypto for small businesses.

The month of May has been a big month for ReSource. In that month alone, the firm launched its business-to-business (B2B) interest-free credit line payable in its native stablecoin — ReSource Dollars (rUSD), and payment network in Asheville, North Carolina. More so, users can use their non-custodial wallets to receive, pay and request loans without understanding Web3.

According to ReSource, it has extended over $380,000 in interest-free B2B credit lines in rUSD. It also recorded close to $40,000 in transaction volume. The firm affirmed to have done all these in only two months.

Based on reports, businesses in NC have benefited from ReSource. What is more, over 250 companies, including organic food delivery, water, co-working spaces, professional services, and other industries use the product.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.