Source: Twitter

It has been a really long time since the cryptocurrency industry was first introduced and honestly, the industry has had a wonderful journey so far by being able to lure in potential investors from all across the globe and managing to make a name for itself in the global marketplace. Not just that, as mentioned, the industry has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!

Having said that, I believe a majority of you are already familiar with the basics of the industry and I am sure that you are eagerly waiting for us to start with what we have with us today but, for some of you who are new to this whole thing, it’s best if we have a brief look at the industry first.

To begin with, cryptocurrencies as the name suggest is nothing but a form of online or virtual currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available online.

In other words, crypto is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.

Also, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical with respect to the return on investments they could expect as well as the safety of their money too.

That is surely not the case anymore as today, we have pools of currencies available for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.

Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Bitcoin, Cardano, Baby Doge, Ethereum, Dogecoin, Polkadot, Binance Coin, PancakeSwap as well as EverGrow Coin to name just a few of course. 

Source: ICO Drops

In addition to this, it feels rather interesting seeing such a rapid growth of the industry over the past couple of years and so, let’s look at some of the major contributing factors responsible for this huge success including portability, high-profit margins, volatility, negligible response time, convince it offers, intuitive nature as well as ease of use of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Goldfinch Protocol. To know more, I suggest you read further!

Everything to know about Goldfinch Protocol (GFI)

Source: Andreessen Horowitz

Goldfinch protocol or as commonly referred to as GFI is nothing but a decentralized credit protocol for extending business loans without any collateral. In other words, Goldfinch revolves around the idea of cryptocurrency-based loans without having any sort of crypto collateral involved.  

Not just that, the said protocol focuses on broadening the pool of potential lenders beyond just banks and is known to operate as a relatively open marketplace for loans without collateral, while being able to decentralize the loan underwriting process. Apart from this, Goldfinch is also said to make off-chain sources of yield available and composable on DeFi (decentralized finance).

Before moving any further, it is probably worth noting that, GFI is known to be the native utility token of the Goldfinch protocol, which as a matter of fact can be used for a variety of purposes on the platform itself like to vote on several proposals deciding the future of the protocol, while protocol auditors can also stake GFI in order to receive rewards. 

Basically, Goldfinch is nothing but a decentralized finance protocol that is capable of bringing cryptocurrency-based loans to the real world, thus marking a major milestone for the entire community. Also, know that the protocol is said to be governed by the community with the help of the Goldfinch council while being able to actively participate in governance.

Source: Medium

As mentioned, the Goldfinch protocol just recently went live globally and it is already trading on one of the most popular cryptocurrency exchanges, Coinbase. Furthermore, news of the latest addition to the crypto world and its listings have really prompted potential investors to make a beeline for their accounts in order to add it to their wallets. 

Not just that, the trading volume of the token quickly surged, and in just a matter of a few months, there are already several thousand Coinbase holders of the GFI token. In addition to this, the development team at Goldfinch is known to call it a missing piece to the world of crypto: loans without collateral and has already started directing all of its efforts onto those who could particularly benefit in emerging markets.

To date, Nigeria, Kenya as well as Uganda are three such countries that have the most active loans through Goldfinch but, as a matter of fact, the platform has also found early success in Southeast Asia as well as Central and South America.

Source: The Coinbase Blog

Not to mention, by simply incorporating the general principle of ‘trust through consensus’ and using several different types of off-chain collateral, the said protocol has been able to create a way for borrowers to show their creditworthiness based on more than just their so-called crypto assets. 

This indeed is the missing piece that finally is known to unlock cryptocurrency lending in emerging markets and in other places as well, where virtual currencies can truly empower financial inclusion.

Lastly, in just a matter of a few months or so, Goldfinch has really managed to generate more than 38 million dollars in active loans with nearly 232,000  recipients worldwide, which thus averages out to about 163 dollars per recipient. While this might not sound like a lot to you, it can actually make a world of difference to those in some developing countries.  

Now that we have talked much about Goldfinch Protocol, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in Goldfinch Protocol (GFI)

Source: Investment U

As of today, the price of Goldfinch Protocol is about 3.10 US dollars with a twenty-four-hour trading volume of 5,621,558 dollars. Not just that, in just the past twenty-four hours, the value of Goldfinch has gone down by 4.61 percent, and with the current market cap of 15,714,436 US dollars, GFI is currently placed at #810 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Goldfinch is 5,072,242 GFI coins, with the maximum lifetime supply of the token being about 114,285,714 GFI coins. In just the past week alone, the price of the platform has risen by 31.35 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Goldfinch Protocol is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Goldfinch Protocol can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

Source: Medium

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Goldfinch Protocol does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Goldfinch? Let me help you with that. Currently, Goldfinch Protocol is available on all major crypto exchanges but, some of the popular exchanges that have GFI listed on them include, CoinW, Coinbase Exchange, MEXC as well as XT.COM to name a few.  

In conclusion, what are your thoughts on Goldfinch Protocol? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Crypto Billionaire: Story of Chanpeng Zhao