We are thrilled to announce that Teller has partnered with Masa to launch web3’s first Soulbound Lending Pool.
Masa enables global users to create an authenticated on-chain identity: Masa Soulbound Identity. More than 200,000+ Masa Soulbound Identities have been minted across testnets since early August. Masa Soulbound Identity holders can connect their data attributes across web3 and web2 to generate their web3 credit report, and apply for a DeFi loan in the Soulbound Lending Pool powered by Teller.
Teller’s DeFi lending platform will connect Masa Soulbound Identity holders with lenders on-chain, match bids and asks, and facilitate lending transactions between borrowers and lenders. Overtime, users’ repayment history will be incorporated into their Masa Soulbound Identity, web3 credit report, and build their creditworthiness on-chain.
The Soulbound Lending Pool is a revolutionary way to open up access to capital based on a self-sovereign, portable, and on-chain identity. Our shared goal is to help billions of “credit invisible” people globally build their authentic soulbound identity on-chain, and leverage their on-chain identity to unlock access to capital and credit. Soulbound Lending breaks down the biases and barriers in traditional lending and gives global users an opportunity to gradually build their repayment history and creditworthiness on-chain.
Masa and Teller are working together to roll out the Soulbound Lending Pool shortly after the Masa Mainnet launch, offering utility for the hundreds and thousands of Masa Soulbound Identity holders. We believe this experiment, and Soulbound Lending, will represent a meaningful step in DeFi delivering real-world utility to the next billion users.
“We cannot let the recent events in the crypto cloud the reasons why we chose to build decentralized finance in the first place: DeFi for good. DeFi Lending has the opportunity to give billions of ‘credit invisible’ people globally access to on-chain credit. We want to use DeFi for good for the next billion users, and our Soulbound Lending Pool collaboration with Teller is the first step towards this direction,”
says Calanthia Mei, Co-founder at Masa.
“Soulbound tokens (SBTs) will become a fundamental identity layer of web3. Integration into DeFi, the most adopted use-case on Ethereum, SBTs will shape the emergence of identity based DeFi applications. The collaboration between Teller and Masa unlocks this new application layer for identity-based on-chain credit pools,”
says Ryan Berkun, CEO and Founder at Teller.
Are you interested in applying for a loan from the Soulbound Lending Pool?