HashCash is set to become a part of a DeFi project that transfers funds to women business owners of Morocco
Global blockchain development company HashCash Consultants is proud to announce a collaboration with a DeFi startup in a project that aims to make micro-loans available to women entrepreneurs of Morocco.
The blockchain-powered platform will transfer funds to the women who are registered with their verified digital identities. The platform allows pool-based borrowing wherein lenders provide liquidity to a pool that borrowers may avail themselves of.
“In such application, smart contracts take over the role of financial institutions that have traditionally acted as guarantors for such transactions,” remarked Raj Chowdhury, founder, and CEO of HashCash Consultants.
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When asked to describe how the smart contracts will perform, Chowdhury outlines, “A contract will be written, that will disburse an allowance from lending account A to recipient account B, say, every Friday until the recipient account has received the required amount.”
No one may change the account address to Account C to steal the funds, as no one can tamper with the smart contract while it is live. Also, the funds are periodically transferred only until the stipulated amount is fully disbursed.
The DeFi startup has created quite a stir among the north African countries inviting women investors from Europe and the Middle East. The project may be extended in the future to function as a DAO.
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Development-wise, HashCash has announced its participation in building a consortium for a global digital media brand. The company has also asserted its contributions to the spurt in crypto growth in the UAE. HashCash chief, Raj Chowdhury has earlier predicted a turbulent timeline for generation Z in the Metaverse.
This project is important for both partners as it seeks to primarily promote women in entrepreneurial roles. The success of it will lay the foundation for many such ventures in the decentralized space. The project fulfills the dual goal of the organization. “First, it promotes entrepreneurial ventures in economically struggling regions. At the same time, it empowers women with business ideas to realize their visions while bypassing the bureaucracy meted out by financial institutions,” sums up Chowdhury.
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