Singapore-based blockchain credit bureau MicroMoney announced on Thursday it has formed a partnership with Celsius Network, a decentralized credit lending platform. The new tandem is hoping to expand the reach of cryptocurrency loans to customers worldwide.
According to MicroMoney, since both firms’ platforms use the global Ethereum blockchain technology, the partnership will also endeavor to develop and standardize the protocols on top of which all monetary transactions are processed on the blockchain open-ledger system. Speaking about the partnership, Anton Dzyatkovsky, MicroMoney Co-Founder, stated:
“We are planning to build something together with Celsius Network now that has never been attempted before a worldwide blockchain lending system that will help millions of people around the world with their first loans. I am truly delighted and proud.”
MicroMoney describes itself as a company that is focused on micro-financing in the online money lending industry and states that it aims to provide the “best professional” solutions to consumers’ financial needs across Asia and is now available in five Asian countries, Cambodia, Myanmar, Indonesia, Sri Lanka and Thailand.
The company also seeks to serve those who are underserved by the banking industry in the developing world and hopes to expand globally. MicroMoney is currently running its token distribution campaign and looking to raise between $15-$30 million, which will help add over two million new customers to its user base. Most recently, MicroMoney launched an ICO round on KICKICO.
New York-based Celsius Network similarly manages and extends consumer loans through a peer-to-peer network. Much like MicroMoney, Celsius hopes to serve the underbanked population with a focus on young adults who have limited or no credit histories. The product is slated to launch next year after a token distribution.