ShuttleOne does First Cross Protocol Transaction disbursing SGD$100,000 via $DAI Loan Facility in DeFi for the Real World
e-Commerce SME in Singapore collateralizes crypto assets for a 1 year working capital facility via the ShuttleOne.Network
Singapore — As digital assets and crypto becomes increasingly pervasive globally, and as Singapore fast becomes a hub for cryptocurrencies and digital assets with big banks announcing its interests to deal in crypto and digital assets, the exposure of crypto assets is fast becoming the norm in the financial industry.
ShuttleOne, based in Singapore has been building the operating system for financial services serving the small and medium sized businesses here in South East Asia. In 2020, ShuttleOne has served more than 3000 SMEs across Indonesia, Malaysia, Thailand and Singapore.
Febuary 2021 marks a significant milestone for the ShuttleOne.Network as the team open for beta trials its smart contracts infrastructure to allow corporate institutions collateralize and tokenize their assets for loans using the philosophies of decentralized finance (DeFi).
Institutions & Corporates Increasingly Exposed to Crypto
As highly decentralized assets such as ETH and BTC becomes accepted globally as financial assets, it is no surprise that institutions and corporates have mandated portions of their balance sheets in crypto assets.
ShuttleOne has through its partners and infrastructure successfully scored and disbursed a working capital loan for SG$100,000 ( approx US$75,0000)for an e-Commerce merchant applying for working capital loan.
OnChain Risk Scoring & Loan Disbursement within the ShuttleOne.Network
https://etherscan.io/tx/0x45f77ea3cd30d6ec1133321853ff5e4b98529a63299d887c4243606a75d1d9c5
The Singaporean SME applied for a working capital loan via one of ShuttleOne’s partners and submitted his necessary documentation. However the the nature of the merchant’s business was more in trading and asset light. Traditionally, that would be highly difficult to obtain any credit from incumbent financial institutions. What was surprising, the management of the local SME had an exposure to Ethereum (ETH).
Not wanting to dispose of their ETH, they sought solutions through our partners and asked if ETH can be recognized as an asset for their application.
ShuttleOne has been beta testing ETH & BTC assets for capital provision in our smart contracts infrastructure since late 2020. With the Risk Assesement Token ($RAT) capturing crucial company and applicant data and Credit Application Token ($CAT) capturing the size of the loan, ShuttleOne bridged Maker’s Protocol seamlessly to collateralize 109 ETH for $DAI issuance via a Vault opening.
ShuttleOne is happy to announce, cross protocol implementations secured a 1 year working capital facility for the e-Commerce trader for SGD$100,000, the 2nd largest Loan Facility to date on the ShuttleOne.Network.
About ShuttleOne
ShuttleOne is building the operating system of a digital finance future. The ShuttleOne.Network has serviced more than 3000 small and medium sized businesses across South East Asia in a myarid of financial services such as microloans, remittance and trade finance.
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