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.
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