Collaborative savings and insurance platform WeTrust, an Ethereum blockchain platform aiming to bring financial inclusion to the masses, has announced the launch of its very first Trusted Lending Circles product. The blockchain-based reciprocal aid platform leverages smart contracts to allow anyone to create a Rotating Savings and Credit Association – ROSCA – with a group of trusted associates to help one another.
Trusted Lending Circles is the first of WeTrust products to be launched. It implements the concept of ROSCA on Ethereum blockchain to create a trustless, transparent, community or a closed user group oriented investment and reciprocal aid system. Trusted Lending Circles currently supports basic ROSCA, created amongst close friends and family. Other upcoming products and features include credit scores, large scale ROSCAs, trusted direct borrowing/lending and mutual insurance. With these blockchain-based products and features, WeTrust aims to provide alternative financial services to over 2 billion unbanked adults across the world.