Brú Finance moves USD 15 million worth of tokenized Agri-Commodities on its DeFi Protocol Testnet

Jun 27, 2022

Unveiling a new era of global agriculture finance

Mumbai, Maharashtra Jun 27, 2022 (Issuewire.com) - For years, crypto was teased as a solution without any real utility. Decentralized Finance (DeFi) changed that perception with the global decentralized finance sector growing to $100 Billion in a matter of just two years. [1]

India's Brú Finance is taking decentralized finance one step ahead by linking DeFi to real-world economic activity and creating social impact in the process. Brú is launching its unique CeFi-DeFi bridge to create a global open financial ecosystem to cater to the needs of the billion unbanked/underbanked population in emerging markets [2]. Using its one-of-a-kind asset tokenisation backend, Brú Finance's DeFi protocol will allow any person across the globe to lend to underbanked communities like farmers, small businesses, artisans, etc. in emerging markets.

India's only Blockchain native fintech startup, Brú Finance's blockchain-based Centralized Finance (Cefi) platform has revolutionized the archaic Agri-finance landscape and enabled farmers in India to access the capital with utmost ease and speed by using their crops as collateral.

Globally the largest issuer of tokenized real-world assets on Blockchain, Brú has tokenized more than $600 million worth of agri-commodities in India serving 12,000 farmers in India in the last two years. Leveraging this CeFi infrastructure, Brú is now launching a decentralized finance protocol that will help farmers in India and other emerging markets to borrow money from across the globe using its revolutionary "proof of reserve" technology.

Using Brú Finance's DeFi protocol, anyone, from any corner of the world, can lend to farmers against the security of their crop stored in 1400 agri-commodity warehouses of Brú protocol. These crop assets are represented by a non-fungible token (NFT) on Blockchain which is locked in smart contracts to facilitate secured social impact lending in a borderless, truly open financial ecosystem.

To achieve its goal, in the last week, Brú Finance launched a testnet version of its Defi protocol on the Polygon Blockchain network moving $15 million worth of real-world asset NFTs to smart contracts.

With this testnet launch, Brú Finance is inching forward to achieving its vision of creating a global open financial ecosystem that helps connect 1.70 billion un/underbanked people to the benefits of financialisation across the global south.