Availability of credit and the process of lending are made easier by RCN or Ripio Credit Network which relies on a set of standards that include smart contracts and blockchain technology to provide a level of transparency and reliability not experienced before in the fast-growing cryptocurrency industry. Borrowers anywhere in the world can now access RCN lenders everywhere and currency barriers will not come in the way. The credit on offer will be available at a much lower cost than what it usually costs after including the banks’ charges. It’s not just the borrowers who will benefit from the superior credit environment that RCN is offering. Lenders’ risks will also be sufficiently covered by the inclusion of a “Cosigner”, who is actually an intermediary agent based in the borrower’s country, responsible for minimizing the lender’s risk by helping borrowers in servicing their debts better.
Ripio Credit Network’s roots lie in BitPagos, an Argentine cryptocurrency enterprise that entered the market in 2013. It was the first company offering financial services based on Bitcoin-driven payments in Latin America. Ripio actually began as the digital wallet service for BitPagos, and customers used it to deal in Bitcoin units using local currency as well as to make online payments for e-commerce deals. RCN was launched in 2016 and a year later in 2017, the BitPagos brand became Ripio and today it has over a hundred thousand users in Latin America.
Ripio is the first cryptocurrency business that offers its users the option to make their online payments, including longer duration loan repayments through instalments, backed by bitcoin. It can be said that this company has triggered the process of democratization in credit access for ordinary folks who otherwise, have to face the typical hurdles of the routine banking system. RCN’s set of standards includes smart contracts that facilitate the process of extending credit through blockchain technology that runs through several agents to optimize credit facilitation for borrowers.
In the Ripio Credit Network, anywhere in the world, lenders, borrowers and others in the network deal in their local currencies; all they need is internet access. The credit extension process begins with RCN using its agent network to analyze the creditworthiness of a borrower. This information is then shared with a cosigner, a network agent, who underwrites the loan, which goes on to cover the default risk for the lender. The consigner spreads out his own credit risk by guaranteeing some other loans, which reduces his risk. In the event of a default, the cosigner can choose to recover his money through a debt collection process.
E-commerce, in simple words, is buying and selling products or services using an online platform. The internet is alre
Websites can be powerful marketing tools for advertising your products and services effectively online and today most businesses are using unique and
Mark Cuban June-05-2018
On 29th April 2018, UNICEF Australia proclaimed an initiative which allows a user to hand over his o
There was a time when 10,000 BTC coins would buy 2 pizzas. This was around 8 years back. Now, one
In its past reports, CCN made a note that the 8,200 USD resistance level seems to be a crucial st
Tony Scott May-16-2018
In a meeting with CNBC this Monday, i.e. 14th May, a top-rated policymaker of the US spoke in sup
Jeremy Liew May-08-2018
Sergey Brin, the co-founder of Google says Ethereum mining has assumed an important part in the curr
Tony Scott May-07-2018
The Bitcoin blockchain left its mark in April with the 17 millionth Bitcoin being mined. In case you
Tony Scott May-05-2018
Bitcoin and Ethereum are two world-renowned cryptocurrencies that have led the crypto market and sur
Jeremy Liew May-04-2018
Today, digital currencies are doing kind of things that investors and Wall Street have never seen be
After long, the world’s most popular cryptocurrency, Bitcoin seems to come back. The &lsquo