Egoras microfinance protocol, which is coming to the June edition of Tekedia Mini-MBA, has closed a private round of funding with gross proceeds of $1.3M. The funding was led by Exnetwork Capital and Blackdragon. Other major investors include Three M Capital, Lauchpool, Spikefast, QuiverX Capital and Infinity Gainz. Egoras’s private sale was oversubscribed, with interested applicants committing over $18M to the project.
Egoras is using 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, which allows small businesses in Africa to get micro-credits on the Egoras microfinance protocol, Egoras is set for its token generation event (TGE) coming up in April 2021.
Egoras is currently operating on the Ethereum blockchain, and any organisation 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, puts 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 micro-credit to small entrepreneurs and enterprises who cannot take shelter from banks for banking and other services.
Egoras intends to solve the issue of high-interest rate on microcredit. It hopes to achieve this by eliminating the middleman like the banks and lenders. Egoras issues loans directedly to the borrowers through a decentralised governance process.
Some of Egoras’s partners include PAID Network and NULS.
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