Bru Finance moves USD 15 million worth of tokenized Agri-Commodities on its DeFi Protocol Testnet

Agri Commodities

Unveiling a new era of global agriculture finance

Mumbai, Maharashtra Jun 27, 2022 (Issuewire.com) – For years, crypto was teased as a solution without any real utility. Decentralized Finance (DeFi) changed that perception with the global decentralized finance sector growing to $100 Billion in a matter of just two years. [1]

India’s Bru Finance is taking decentralized finance one step ahead by linking DeFi to real-world economic activity and creating social impact in the process. Bru is launching its unique CeFi-DeFi bridge to create a global open financial ecosystem to cater to the needs of the billion unbanked/underbanked population in emerging markets [2]. Using its one-of-a-kind asset tokenisation backend, Bru Finance’s DeFi protocol will allow any person across the globe to lend to underbanked communities like farmers, small businesses, artisans, etc. in emerging markets.

India’s only Blockchain native fintech startup, Bru Finance’s blockchain-based Centralized Finance (Cefi) platform has revolutionized the archaic Agri-finance landscape and enabled farmers in India to access the capital with utmost ease and speed by using their crops as collateral.

Globally the largest issuer of tokenized real-world assets on Blockchain, Bru has tokenized more than $600 million worth of agri-commodities in India serving 12,000 farmers in India in the last two years. Leveraging this CeFi infrastructure, Bru is now launching a decentralized finance protocol that will help farmers in India and other emerging markets to borrow money from across the globe using its revolutionary “proof of reserve” technology.

Using Bru Finance’s DeFi protocol, anyone, from any corner of the world, can lend to farmers against the security of their crop stored in 1400 agri-commodity warehouses of Bru protocol. These crop assets are represented by a non-fungible token (NFT) on Blockchain which is locked in smart contracts to facilitate secured social impact lending in a borderless, truly open financial ecosystem.

To achieve its goal, in the last week, Bru Finance launched a testnet version of its Defi protocol on the Polygon Blockchain network moving $15 million worth of real-world asset NFTs to smart contracts.

With this testnet launch, Bru Finance is inching forward to achieving its vision of creating a global open financial ecosystem that helps connect 1.70 billion un/underbanked people to the benefits of financialisation across the global south.

Agri Commodities at the custodian WarehouseBr Finance TestnetBr Finance Testnet

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Bru Finance

hello@bru.finance

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Source :Bru Finance

This article was originally published by IssueWire. Read the original article here.

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