Financial inclusion is one of the biggest challenges for underdeveloped countries like El Salvador, where few people have access to the banking system, thus not having access to credit neither investing opportunities.
What it does
We provide a set of features in three main areas: -Traditional Banking: We facilitate the acces to a saving account on Banco Hipotecario. -Credit Systems: From traditional credits with financial institutions, to P2P, and also crowdfunding -Reward System: Those users that are appreciated by the community will have the possibility to access better interest rates and more competitive revenue.
How we built it
We have leverage the technology of the organizers.
-OBP: Partenered with Banco Hipotecario gave us the possibility to manage bank accounts and integrate blockchain technology with traditional banking.
- Qredo: Is the hearth of our wallet, giving us peace of mind that all our transactions would be secure and helping us in extending the capabilities of our integrations, like using Metamask Institutional.
- RSK: Is the foundations to our network, giving us access to better rates for transactions and more options for our integrations.
- Tropykus: An alternative option and a great help to the bank management team, would provide us with stability trough DOC, and also help us in earning some margins for any idle money which could prevent the bank to incurr in treasury expenses.
Challenges we ran into
As a first comers in API3 we had a lot of challenges when it came to deploying the Airnode technology. Also it was specially difficult thinking how could we reduce redundancy in our architecture, it is a whole new world thinking in terms of blockchain instead of traditional cloud computing.
What we learned
We have learned a lot about blockchain technologies. From oracles, to sidechains, and the most important piece of learning is thinking about the upcoming economies based on crypto. It was a great experience thinkering down an idea that could also be turned into a business and that could provide social value.
What's next for BitFunding
We are just getting started. We need to arrive to our PoC by the next stage and keep on developing our capabilities to provide the best experience for our users
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