Tech & Innovation May 20, 2021 at 10:30 am

A look at the new Black-owned app that lets you lend and borrow cryptocurrency

Abu Mubarik May 20, 2021 at 10:30 am

May 20, 2021 at 10:30 am | Tech & Innovation

A data scientist at the World Data Science Institute. Photo: World Data Science Institute

The advent of cryptocurrency has made the formal banking system look vulnerable, to some extent. As such, giant economies like the U.S, Nigeria and others have taken steps to limit its impact on their banking system.  Nonetheless, the influence of digital currency is showing no sign of slowing down. Users of cryptocurrency keep innovating in a bid to attract new users. One of such innovations is being championed by Anade Davis.

He is the founder of The World Data Science Institute (WDSI), a research and development fintech agency that offers DSaaS (Data Science as a Service) to companies in the Financial Service Industry. The firm is currently raising funds to launch its flagship product, Cryptoshare.

Cryptoshare is a peer-to-peer lending and borrowing platform that is specifically targeting minorities and underserved communities across the United States, Africa, and South America. The platform seeks to allow individuals to borrow and lend Crypto or fiat currency to people around the world. It is estimated that the global peer-to-peer lending market will grow by some $551 billion by 2027 with an annual growth rate of 29%.

Anade Davis, data scientist and founder of Cryptoshare. Photo: LinkedIn- ShoppeBlack

So far, $35,000 of $65,000 has been raised via the Wefunder crowdfunding portal. Davis said he was inspired to create the platform because of his personal struggles in getting credit or access funding to grow his businesses. “Sometimes I struggled to have access to both at the same time! As I got older and traveled to different countries; I realized how many people were dealing with the same struggles internationally,” he told Shoppe Black.

The data scientist finds the current global banking and credit system as problematic because it excludes billions of people. “I was inspired to create an international peer-to-peer lending solution for people around the world (utilizing Cryptocurrency and ATMs) to have access to funding without having to go through a bank or credit check,” he said.

He further stressed that over one billion people of color do not have access to instruments such as credit, banks, and loans. With Cryptoshare, Davis said users can access immediate funds utilizing Cryptocurrency ATMs, cellphones, and/or computers.

According to him, some of the benefits of using Cryptoshare include non-requirement of bank account and the fact that one does not need to know their credit score or income. It is also convenient to use as the only document borrowers require is their ID. Davis added that “Crypto lending is safer than p2p lending since the loans are backed by crypto assets, which are extremely liquid.”

There is more in the following video:

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