RootstockLabs enables cryptocurrency loans by partnering with El Salvador-based finance cooperative ASCAV
August 31st – Gibraltar – RootstockLabs, 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, co-founder of Rootstock blockchain.
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 RootstockLabs. 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 RootstockLabs
RootstockLabs 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 blockchain, and Rootstock Infrastructure Framework (RIF).
Rootstock is the first, biggest, and longest-lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.
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