IOV Labs Announces Its Partnership With ASCAV

Twitter icon  •  Published há 1 ano  •  Hassan Maishera

IOV Labs has announced the issuance of a $20,000 loan to El Salvador-based finance cooperative ASCAV in a bid to promote DeFi use.

IOVLabs, the company that launched Rootstock, RIF, and Taring, has announced its partnership with El Salvador-based finance cooperative ASCAV. The partnership will see IOV Labs provide a loan in the rDOC stablecoin to ASCAV.

According to the press release shared with Cryptowisser, IOV Labs will issue a loan worth $20,000 to ASCAV. ASCAV is set to use the funds to provide 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. 

While commenting on this latest development, Diego Gutierrez Zaldivar, IOV Labs CEO, said;

"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." 

Melvin Castillo, President of ASCAV DE R.L added that;

“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.”

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.

IOV Lab’s 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.

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

ASCAV has been around since January 2016 and currently provides micro-loans and access to a savings system. The company also educates people on how to use cryptocurrency and blockchain applications.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.