eToro Launches Universal Basic Income DeFi Project
- The non-profit initiative, called GoodDollar, aims to leverage DeFi in order to provide its users with a form of universal basic income.
- Though recently launched, the platform has already been used by 245 people, who claimed more than 180,000 G$ tokens, currently backed by dai.
Yoni Assia, Co-Founder & CEO of eToro, on the Money Conference stage during the opening day of RISE on 11 July, 2017 in Hong Kong. Stephen McCarthy/RISE/Sportsfile
The new non-profit initiative, launched by multi-asset trading platform eToro, plans to promote financial inclusion by offering “digital basic income” to its users.
Officially launched on 7 September, the GoodDollar initiative will leverage decentralized finance in order to provide its users with a form of universal basic income. The project will issue the G$ stablecoin, backed by a basket of crypto assets, which will be distributed to registered users on a daily basis.
In order to fund this model, the initiative will make use of the now-popular yield farming to supply newly-created G$ tokens to its users as a type of passive income. Individual and corporate supporters will be able to lock their funds on supported DeFi protocols, and later receive a large chunk of the yield. A daily amount will also be set aside, and distributed to the platform’s participants as a form of basic income.
The first confirmed protocol to be integrated with the GoodDollar platform will be Compound, while the first stablecoin to back the G$ token will be dai (DAI). The initiative noted that the plan is to diversify the collateral with time, as to have each G$ backed by a basket of cryptocurrencies.
According to its website, the platform so far has been used by 245 people, who have been able to claim more than 180,000 G$ tokens. In order to claim G$ tokens, users will have to register for a wallet through the GoodDollar platform, which for now is only available as a web app, though there are plans to make it available on the Apple App and Google Play Stores.
- The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against trading platform eToro over its contract for difference (CFD) product.
- The regulator claimed the product’s target market was too broad, and that eToro used insufficient screening tests when offering the leveraged derivative contracts to retail users.
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- Here are our top picks of DeFi projects that have a good potential growth, and some of the protocols that did not made the list, such as RING Financial.
- The new partnership will expand on Twitter’s $Cashtags feature, which currently shows price data for a few chosen assets, and provide a wider range of crypto and stock prices.
- Twitter will also direct users to the investment platform through a “view on eTroro” tab, where they will be able to purchase or sale assets of their choice.