black data scientist

Black Data Scientist Creates a Digital Wallet For Lending and Borrowing Cryptocurrency

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The World Data Science Institute is an SEC-registered financial data science research and development company. They develop Blockchain and financial technology applications.

So far, the startup has raised over $145,000 to launch its flagship product, CryptoShare. CryptoShare is a digital wallet and peer-to-peer lending app that provides the unbanked and credit challenged with the ability to borrow money.

THE PROBLEM

According to Fico statistics, African Americans have the lowest credit scores and are declined for loans three times as much as white applicants. Nearly 30% of African Americans and Hispanics do not have a bank account at all!

African Americans and Hispanics are also disproportionately forced to use high-interest cash advances and pawnshop loans that can be up to 500%.

This clearly shows that an inexcusable amount of African Americans and Hispanics do not have access to adequate loan products.

THE SOLUTION

CrypstoShare replaces the need for a bank account (think Paypal) and allows peer-to-peer lending to be done within the app, giving users the option to use physical and digital assets as collateral at much lower interest rates.

Physical assets can be placed in a Blockchain Smart Locker similar to the Amazon lockers that are used for deliveries.

The borrower places physical assets in the locker and if they don’t pay, the lender will have access to collateral in the locker or it will be mailed to them.

The digital wallets come with a Digital Debit Card so borrowers can use funds immediately to shop online and if they need cash they can withdraw from ATMs.

The most important part is interest rates will range from 10 – 20%. Essentially eliminating the need for expensive high interest loan options that plague the African American and Hispanic communities.

THE FOUNDER: Anade Davis

Anade Davis

What inspired you to start CryptoShare?

I have struggled with either credit and access to funding to grow businesses my entire life. Sometimes I struggled to have access to both at the same time!

As I grew older and traveled to different countries; I realized how many people were dealing with the same struggles internationally.

The problem is the current global banking and credit system excludes billions of people. One thousand US dollars ($1,000) is enough in many countries to jumpstart a business.

These are the reasons that inspired me to create a lending solution for people around the world utilizing Cryptocurrency and ATMs.

What advantages does CryptoShare offer borrowers and lenders?

  • It’s convenient. The only document borrowers will need to provide is their ID.
  • It’s flexible. Ability to customize the loan terms to suit lenders’ needs. Both borrower and lender can customize their loan terms according to their requirements.
  • It’s accessible to everyone because there is no need for a bank account, credit score, or income statement.

How can people support you right now?

You can support us by investing as little as $100 before the investor close date of October 1!

 

Tony O. Lawson


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