A decentralized credit protocol is looking to weave threads of gold after a surprise listing by top US crypto exchange Coinbase.
In a new blog post, Coinbase says that the Ethereum token Goldfinch Protocol (GFI) will start trading on Coinbase Pro once appropriate liquidity conditions are met.
The project fills a niche in the decentralized finance (DeFi) space by offering loans without requiring collateral in the form of cryptocurrency.
Goldfinch says,
“The vast majority of borrowers in the world can’t actually borrow on DeFi today because it requires over-collateralization with crypto.
By removing that crypto collateral requirement, the Goldfinch protocol unlocks an entirely new level of borrower capacity.
This is what will finally allow crypto to break out into global debt markets.”
Goldfinch is tapping into emerging economies across Africa, Asia, and Central and South America.
Goldfinch recently announced it had raised $25 million led by venture capital firm Andreessen Horowitz.
The new GFI token will serve a variety of functions including community governance, staking, grants and participation incentives.
The altcoin has seen wild price action since first going live yesterday. GFI was valued at $26 at launch, then quickly fell to the $17 level before lurching to as high as $32.39.
Goldfinch has since seen a slow stagger downward and currently trades for $12.10.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image:Shutterstock/sergeymansurov/Nikelser Kate
The post Coinbase Lists New ‘Golden’ Ethereum Token As Crypto Markets Bounce appeared first on The Daily Hodl.
