IOV Labs on its promise - making Everyday DeFi a real solution for people

August 31, 2022

IOV Labs enables cryptocurrency loans by partnering with El Salvador-based finance cooperative ASCAV

August 31st - Gibraltar - IOVLabs, the company that launched Rootstock, RIF, and Taringa! will provide a loan in the rDOC stablecoin toASCAV DE R.L. valued at 20,000 USD. ASCAV DE R.L will use this value to generate loans to entrepreneurs who do not have access to the traditional banking system. Loans will be made available to 200 borrowers in El Salvador using the ASCAV Wallet, issued by LatamXO, which is integrated with the Rootstock blockchain platform.

"It's amazing to see what ASCAV is doing - delivering decentralized finance technology to the common people. Bearing in mind the common mission, we believe that this partnership will enable people who are underserved by the traditional financial system to improve their daily lives." said Diego Gutierrez Zaldivar, IOV Labs CEO.

Melvin Castillo, President of ASCAV DE R.L commented, “we are excited to start this new facet hand in hand with a technological giant such as IOV. We are sure that with the support they have given us we will be able to help many people, granting them accessible loans, but above all providing the technology to those who need it most.”

ASCAV DE R.L has been in operation since January 2016. It serves to provide micro-loans, access to a savings system, education in terms of how to use cryptocurrency and blockchain applications, and more.

About IOVlabs

IOVLabs supports the development of decentralized technologies needed for a new global financial ecosystem that fosters opportunity, transparency, and trust. The organization contributes to the Rootstock Network (RSK), RSK Infrastructure Framework (RIF), and Taringa! platforms.

Rootstock is a smart contracts platform designed to leverage Bitcoin’s hash power while extending its capabilities.

RSK Infrastructure Framework (RIF) is a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment.

Taringa! is Latin America’s largest Spanish-speaking social network with 30 million users and 1,000 active online communities.

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