Pencil Finance, a real-world asset protocol for student loans, has announced its first loan issuance, securing $1 million. The funds will be used to expand educational opportunities in emerging markets.
Funding for Educational Initiatives
The raised $1 million will be directed towards student loans through a partnership with ErudiFi, which will facilitate loans for university tuition funding, primarily in countries like the Philippines and Indonesia.
Utilization of Blockchain Technology
Pencil Finance was launched with support from Hong Kong-based blockchain conglomerate Animoca Brands. The loans aim to enhance educational opportunities using funds raised entirely on-chain, which, according to Yat Siu, co-founder of Animoca Brands, demonstrates positive applications of decentralized technologies.
Founders' Opinions on the Impact
Frank Li, co-founder of Pencil Finance, emphasized that the implementation of blockchain allows students in emerging markets to access transparent and efficient funding. He stated that this will help open doors for future talents.
The loans issued by Pencil Finance using cutting-edge blockchain technology are paving the way for students in emerging markets, granting them access to essential resources for their education.
