IOV Labs has signed a partnership deal with El Salvador-based finance cooperative, ASCAV. Through the new alliance, IOV Labs will offer loans in the rDOC stablecoin to over 200 El Salvadoran entrepreneurs who use the ASCAV Wallet. The ASCAV Wallet is issued by LatamXO, which is integrated with the Rootstock blockchain network.
IOV Labs Making Life Easier with DeFi
IOV Labs, a blockchain project dedicated to supporting the development of decentralized applications needed for a new global financial ecosystem that fosters opportunity, transparency, and trust, has partnered with ASCAV DE R.L., an El Salvador-based cooperative, to give out crypto loans to entrepreneurs.
Per a statement shared with crypto.news, IOV Labs will provide ASCAV with $20,000 worth of the rDOC stablecoin and the latter will then use the funds to offer loans to unbanked and under-banked entrepreneurs in the region.
The rDOC loans will be accessible to 200 borrowers in crypto friendly El Salvador via the ASCAV Wallet, which is issued by the Rootstock blockchain-powered LatamXO.
Commenting on the initiative, Diego Guiterrez Zaldivar, IOV Labs CEO said:
It’s amazing to see what ASCAV is doing – delivering decentralized finance technology to the common people who are under-served by the traditional financial system to improve their daily lives.
Extending the Capabilities of Bitcoin
IOV Labs is the company in charge of Rootstock Network (RSK), RSK Infrastructure Framework (RIF), and Taringa! Latin America’s largest Spanish-speaking social network with over 30 million users and 1,000 active online communities.
Rootstock is a smart contract-enabled network that leverages Bitcoin’s hash power while also extending its capabilities, while RIF is a suite of open and decentralized infrastructure protocols that enables faster, easier and scalable development of distributed applications (dApps) within a unified environment.
Launched in 2016, ASCAV DE R.L focuses on providing micro-loans to both the unbanked and under-banked, educating people about the workings, as well as benefits of crypto and blockchain technology, and more.
Melvin Castillo, President of ASCAV DE R.L said:
We are excited to start this new facet hand in hand with a technological giant such as IOV Labs. We are sure that with the support they have given us we will be able to help many people, granting them accessible loans, but above all providing the [blockchain] technology to those who need it most.
As reported by crypto.news on August 24, 2022, Wake UpLabs, a RootStock-powered platform joined forces with Kilimo, one of the top platforms for agricultural irrigation management, to use NFTs for the tokenization of water savings certificates. The initiative is aimed at incentivizing farmers to conserve water.
“It’s fantastic to see RSK getting leveraged by these two powerful entities for a fantastic sustainable cause that supports farmers’ access to cutting-edge everyday DeFi,” stated Augustin Pandolfini at the time.