For years and years now, the financial products that have opened the doors to great opportunities were only available for the privileged people — those with high income in the most developed countries. Meanwhile, the rest of the population has been severely underbanked, or even completely unbanked.
One thing that many do not realize is that a person can be unbanked or underbanked even in a developed country. Even the US, the world’s largest economy, has a massive amount of its population unable to enjoy banking services like taking a loan, simply because their credit score is not good enough.
As the crypto industry emerged, it promised to change this, but for the first decade of its existence, it could only offer decentralized transactions. This changed when the DeFi sector exploded last year, and as it continues to evolve, it is becoming more and more adopted. Right now, there is even a service powered by one of the fully regulated and licensed banks, called EQIFI, which finally brought the banking services to people around the world.
What is EQIFI?EQIFI is a DeFi project that is powered by EQIBank, although it is important to note that it is not the bank’s own product, nor is it a bank itself. EQIFI is a DeFi protocol that is being powered by a regulated and licensed digital bank for the purpose of providing seamless cross-platform transactions, and acting as a fiat gateway on/off ramp.
The project, created by a US, UK, and European team of experienced developers, deals in offering services such as pooled lending, borrowing, and investing in a variety of digital currencies. This includes Ethereum, ERC-20 tokens, wrapped Bitcoin (wBTC), stablecoins, as well as several fiat currencies, including USD, GBP, EUR, CAD, and CHF.
As such, EQIFI offers a single, uniform platform for DeFi products. At the same time, it provides potential accessibility to EQIBank accounts, debit and credit cards, custody, OTC, wealth management, and more. Furthermore, the project offers access to four products, all available on a single platform. Those include a yield aggregator, interest rate swaps, fixed term products, and variable rate products.
Naturally, EQIFI also has its native cryptocurrency, EQX. The token is used for powering the entire protocol and all of its services for most countries around the globe. There are several nations where EQIFI is currently not available, and those include Botswana, Cambodia, North Korea, Ethiopia, Ghana, Iran, Pakistan, Panama, Seychelles, Sri Lanka, Syria, Thailand, Trinidad and Tobago, Tunisia, the US, and Yemen.
At the moment, one of EQIFI’s biggest goals appears to be onboarding people who have never used cryptocurrencies or DeFi before, and who are either skeptical towards such projects, thinking that they don’t work, or openly against them, fearing they are scams. EQIFI is a project that aims to dispel a lot of these views, and by doing so attract a lot of potential users who are still uneducated in the ways of crypto. These people are attracted by EQIFI, and they feel like they can trust the project as it is powered by a licensed bank, something no other DeFi project can claim.
EQIFI offers a lot, including access to the global financial industry through crypto, but also access to the rest of the crypto world. As such, it is a project that could revolutionize how people access and manage their finances forever, granting those abandoned by the banks an opportunity to live their lives without having to constantly worry about their financial future.
It will take time, effort, and patience, but projects like this could actually make a major change in the world.