A decentralized lending network called TrueFi (TRU) seeks to offer both businesses and people transparent and secure loan services. It is a fair and open lending platform that anybody can use, and it is built on the Ethereum blockchain. The TrustToken ecosystem, which also contains other stablecoins and asset-backed tokens, includes TrueFi.
The founders of TrueFi, Rafael Cosman and Stephen Kade, formed the company in 2020. It was introduced as a decentralized lending platform that would give lenders and borrowers additional protection and transparency. Smart contracts are used by TrueFi to enable lending and borrowing, and the platform is built on the Ethereum blockchain. It was created as a substitute for conventional loan platforms, which can be centralized and can involve a lot of paperwork.
The key use cases for TrueFi are lending and borrowing. It enables lenders to earn interest on their money while also enabling borrowers to access loans without going via a conventional financial institution. With explicit terms and conditions and a transparent loan approval process, TrueFi is intended to be a more secure and transparent lending platform. Smart contracts, which are self-executing contracts that uphold the loan's terms, are used to do this.
Greater lending service accessibility is another goal of TrueFi. No credit checks or other entry obstacles are included because it is intended to be a fair and inclusive platform. On TrueFi, anyone can give or borrow regardless of their credit past or financial situation.
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