We are celebrating 3 years since the launch of Ethichub Lending Platform.
During this time, dozens of small communities of unbanked farmers have benefited from new, cheaper, and more accessible financing tools contributing to their socio-economic development.
In June 2018, during the NONCENTRALCONF in León, we launched version 0.1 of our project financing platform. That first version had a minimal backend and the required user registration linked to the Know Your Customer-KYC system. But already then, we proudly presented the fundamental nucleus and ultimate objective; the possibility of exchanging value between users using a network of smart contracts built on Ethereum. And the first transaction carried out by EthicHub took place in León. For that milestone so important to us, we connected, by video call, with the first coffee growers who joined the EthicHub family and the dialogue that emerged was really endearing.
Three years after that event, we can say that we are proud of all the work done by and with all the Ethichubbers. Together, we have managed to finance more than 200 projects from 15 different farming communities, to which we have sent almost one million euros to hundreds of families that had been excluded from the traditional financial system.
We are grateful to all of you who have contributed to consolidating that first version of a platform presented in León with great enthusiasm. Three years later, we maintain the same illusion, but we know that the responsibility acquired is much greater. And also the challenges. If we have shown that the idea is viable and functional, now is the time to be in new countries and other crops and scale the platform to favor many other unbanked farmers.
We would not like to end without giving a deserved recognition to the entire development team that has evolved that first version, overcoming all the problems that have arisen. The most veteran Ethichubbers will remember that we have gone from using Ether to prototype the idea, to incorporating a stable currency -Dai- to avoid the volatility associated with cryptocurrencies and when using Dai became very expensive due to the commissions that operated in Ethereum, it did not take a long time to incorporate xDai as the stable currency of our platform.
And many other improvements that have emerged from the ethichubbers provide us with ideas and suggestions that motivated us to continue improving a platform that has just turned three years.
Congratulations to all!
EthicHub is a ReFi (Regenerative Finance) protocol that helps unbanked farmers access capital at low interest rates in a win/win model where all stakeholders benefit from the interaction. Its crowdlending platform was launched in June 2018, and to date it has brokered more than $4M in microcredits to more than 600 families in 6 countries.
