DefiCliq will integrate UTU’s creditworthiness API to improve credit checks and loan monitoring for under-collateralized loans.

Hello UTU Trust Guardians!

We are excited to announce that we’ve partnered with DefiCliq to support the mission to democratize the lending space. DefiCliq will integrate UTU’s trust infrastructure to allow borrowers who would otherwise be underserved to access loans with lower collateral amounts.

DefiCliq provides collateralized and uncollateralized loans in both peer-to-peer (p2p) and traditional ways. With a mission to democratize the lending market, DefiCliq is exploring features like DAO (off-chain governance), staking, and interoperability on Polkadot. It is the first company to do this in the lending space.

The team believes that everyone deserves the opportunity to finance their endeavours in a safe and secure environment, and that is why DefiCliq is building all the benefits of DeFi in one space.

DefiCliq will integrate UTU’s creditworthiness API into their undercollateralized loan platform to determine qualified borrowers. For the borrower, this results in higher borrowing capacity and an improved user experience. For the lender, benefits include fewer loan defaults and increased uptake.

UTU’s trust infrastructure accesses contextually relevant on- and off-chain data to assess borrowers’ creditworthiness. With this additional layer of trust that utilizes social graphs for contextual relevance, qualified borrowers can access funding with less collateral.

In addition to improving DefiCliq’s credit checks, UTU’s recommendation engine will also enable borrowers to assess their lenders in a trusted p2p lending environment. Borrowers can identify trusted lenders and vice versa based on endorsements from connections and previous activity on the platform. Lenders can decide on collateral amounts and interest rates based on degree of trust.

To learn more about UTU’s mission to increase trust in DeFi, read our DeFi concept note.

UTU and DefiCliq will also explore additional collaborations, including ways for UTU to access the Polkadot ecosystem, other cross-chain initiatives, and potentially staking.

“We are excited to work with a highly experienced technical team of UTU, The integration will help Deficliq in achieving decentralisation quickly and efficiently by improving credit checks and loan monitoring for under-collateralized loans. We are extremely glad and honoured to be working with the team and really excited by what’s in store!”

-Shantanu Kumar, CEO and Founder of DefiCliq

“It gives us great joy to support DefiCliq’s noble mission to democratize the lending space with our trust infrastructure. The FinTech space is continually expanding and we want to empower everyone to transact in a trustworthy space. UTU is always looking to partner with teams that share our mission to develop a more transparent digital space that leverages the power of DeFi. This partnership is a fantastic opportunity to do just that.”

-Jason Eisen, Co-Founder and CEO of UTU

DefiCliq is the first company to provide both collateralized and uncollateralized loans that, too in both p2p and traditional ways, with more features like DAO (off-chain governance), staking, interoperability in one place as a Polkadot Substrate Project, thus becoming a leading competitor in the fintech space. Learn more about DefiCliq on their website, Twitter and Medium.

UTU’s mission is to become the trust infrastructure of the entire internet, replacing anonymous star ratings, reviews, and scores as the de facto trust mechanisms of our digital lives. We do this in service of our vision — to bridge the gap between how we trust in real life and how we are asked to trust online to make the internet a safer, more trusted place to gather, share, work, and trade. We are proudly based in Nairobi, Kenya.

 

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