The Crunch Network is to allows users to access loans quickly by interacting with its lending pool where blockchain technology is used to distribute wealth, according to the Nigerian startup.
The startup, which was founded by Michael E. Omoarebu, who also doubles as Chief Executive Officer (CEO) of Crunch Network, a communications engineer and seasoned entrepreneur who brings on board several years of experience trading in the binary and cryptocurrency markets.
Crunch Network was founded seeing that the modern financial system makes it difficult for regular people to access funding. Banks make profits on the strength of their customer deposits, but only a small percentage of people will ever qualify for a bank loan. Such loans usually impose high collateral and unfair interest rates, according to the startup Founder.
However, Crunch Network has set out to accomplish its mission to build a suite of tools that create equitable economic opportunities,” because we care about the little things.”
According to Crunch Network, “using blockchain technology, we have designed a lending pool that distributes wealth in two ways: by giving lenders high returns on their deposits and by giving borrowers the lowest interest rates to maximize their credit.”
The Crunch Network said that it works by lending pool runs on a smart contract, where no central authority can tamper with any funds within the pool, unlike regular banks. The processes of lending, borrowing, determining yield payouts, and interest determination are all baked into the software, according to the startup.
Crunch Network uses artificial intelligence to maintain the highest level of efficiency, the startup said explaining that it uses a dual safety module to deploy two backup pools to ensure protocol solvency. All the software, Crunch Network said, is built on Polygon, a decentralised internet stack that can process up to 65,000 transactions per second.
Crunch Network said its team include Sumaina Braimah, a Mechatronics Engineer, co-Founder and Chief Operating Officer (COO); alongside Manish Lath, the Managing Director, who has two decades experience in the financial industry.
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