Egoras microfinance protocol has closed a private funding round, raising $1.3 million. The funding was led by Exnetwork Capital and Blackdragon. Other major investors include Three M Capital, Launchpool, Spikefast, QuiverX Capital and Infinity Gainz. Egoras’ private sale was oversubscribed, with interested applicants committing over $18 million to the project. 

Egoras will use the funds from the recent private round to continue to build the world’s first decentralized microfinance protocol on the Binance Smart Chain. 

After successfully launching its product in September 2020, effectively allowing small businesses in Africa to get microcredits on the Egoras microfinance protocol, Egoras is set for its token generation event coming in April 2021. 

Egoras is currently operating on the Ethereum blockchain, and any organization can issue low microcredit from Egoras’ smart contract. However, Egoras will migrate to the Binance Smart Chain at the TGE.

What is microcredit?

Microcredit is a method of lending very small sums to individuals to start or expand a small business. Microcredit borrowers tend to be low-income individuals living in parts of the developing world. As Kyle Chassé, founder of Paid Network, put it: “Microloans of a couple of hundred dollars can literally save or start a business in a poor country.”

About Egoras’ microfinance protocol

Egoras’ microfinance protocol provides uncollateralized microcredit to small entrepreneurs and enterprises who cannot take shelter from banks and other services.

Egoras intends to solve the issue of high interest rates on microcredit. It hopes to achieve this by eliminating intermediaries like banks and lenders. Egoras issues loans directedly to the borrowers through a decentralized governance process. 

Some of Egoras’s partners include Paid Network and Nuls.

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