Blockchain-based credit scoring platform Points has netted $8m in funding, as the company launches its first credit network.
Contributions to the round came from firms including DHVC, Cherubic Ventures, Ce Yuan, Ontology Foundation, Nest.Bio Ventures, and Zhong Cheng Xin Credit Technology.
The Singapore-based company uses blockchain and AI technology to build secure protocols which aim to make banks, institutions, tech companies and consumers share their proprietary data safely. A user can contribute their data to be shared and analysed by the Points network in return for a reward of Point digital token PTS, which can be sold, exchanged or traded.
Points also announced a partnership with China-based credit rating agencies Zhong Cheng Xin Credit Technology and Teleinfo. This partnership provides the company with 500 million credit profiles and one billion identity profiles.
Its first use case is a credit collaboration network, supporting more accurate credit scores and lowering risk to provide the unbanked with better rates on loans or other financial products.
Points founder Sarah Zhang said, “With the support of our VCs and partners, we’re excited to be able to launch the first and most accurate market-ready blockchain-based credit network.
“Our vision is to serve the underrepresented community, and with blockchain as a core technology for Points, we’re able to incentivize partners to participate in risk-free data sharing, which combined with AI, means truly accurate credit scores.”
Earlier in the year, DHVC took part in the $16m token sale of Libra Credit, a Singapore-based decentralised network to help lenders access credit from anywhere. Borrowing can be made in two forms through Libra Credit, either with a stable cryptocurrency or fiat money.
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