The month of June was challenging for everyone, but thanks to Egoras amazing community, June delivered accomplishments. It was a remarkable month for Egoras, despite the challenges. So, as we start the month of July and we all look forward to what’s ahead, let’s review some of the most significant developments for Egoras Protocol over the past 30days.
June: A Landmark Month for Egoras Protocol
We successfully completed a strategic funding round. A total of $2.1 million was raised, led by Exnet Capital, and were joined by VBC Ventures, JunCapital, Buidlhodl, Three M capital, Resurgence Capital, and Blackdragon. Other backers were Chaos Capital, Aussie Capital, and Everse Capital.
We released Egoras microfinance protocol with us putting the customer’s need and satisfaction first. We discovered through our survey, things that set us different and our product apart from other similar products. This attracted for us the attention of our audience and their trust believing that our product will fulfil what other companies/products can’t. Some of the testimonies can be found below
Egoras microfinance smart contract has been audited by Certik and all the bugs have been fixed and this means that the protocol is ready for public use.
Decentralized Autonomous Organizations don’t publish financial statements or quarterly reports. Why would they? The data is already out there, available for everyone to review and audit if necessary. But very few people will go through the trouble of parsing and reviewing gigabytes of data, so there is still a need for some sort of reporting. The sum of 5000USD was generated as interest in the month of June and 3500USD was distributed to Egoras Right token holders.
As part of our effort to expand financing opportunities in the industry, egoras began a partnership with XendCredit which shall give us access to 100,000 creditworthy borrowers. We also expanded to two states in Nigeria and This state helps Egoras to serve over 1M unbanked people that needs microcredits to grow their small businesses.
We wish to put up an application to regulators to enable us to expand to Ghana, a market of over 20M unbanked people. By this egoras intend to reduce the rate of poverty in Ghana by letting people have access to loans at a low-interest rate.
Looking Forward to a Promising July
As we begin the month of July, Egoras remains at the forefront of the Decentralised microfinance movement thanks to the Egoras governance community. With over 1000 pending loans applications with an estimated of over 50,000USD interest to be paid out to the Egoras Right holders, Egoras Foundation is grateful to be a part of this amazing community and for the contributions and support of everyone who has helped the Egoras project progress.