2 Billion Adults globally do not have access to a bank account. In addition, a growing number who have access to formal banking in US and EU are looking for alternatives, due to populist movements, distaste from the 2008 bailouts, and preference to support local businesses. Our mission is to enable financial inclusion, improve access to market priced capital, and serve as an alternative to traditional finance.
The first product being built at WeTrust is a decentralized Rotating Savings and Credit Association (ROSCA) platform. A ROSCA is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking, lending, and mutual insurance. Next, by moving traditional ROSCAs to the blockchain, one can build a blockchain based credit identity. Finally, p2p services such as lending will be enabled, with their risk profile derived from their past transactions on the blockchain.