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    Home»Markets»Amplify.money Launches MAGBot: The World’s First Telegram Bot for Loans, Establishing ‘Id-Backed Lending’ Utilizing World IDs
    Amplify.money Launches MAGBot: The World’s First Telegram Bot for Loans, Establishing ‘Id-Backed Lending’ Utilizing World IDs
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    Amplify.money Launches MAGBot: The World’s First Telegram Bot for Loans, Establishing ‘Id-Backed Lending’ Utilizing World IDs

    By CryptoGlobe Staff WriterNovember 13, 2024No Comments4 Mins Read
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    Bangkok, Thailand, November twelfth, 2024, Chainwire

    Bringing Onchain Micro-Loans to Hundreds of thousands via Id-Backed Entry on Telegram

    Amplify Money, a pacesetter in onchain lending, has launched MAGBot, the world’s first Telegram-based micro-lending bot, establishing a brand new paradigm for onchain, identity-backed lending. MAGBot is constructed on high of the Amplify Money V1 sensible contracts, which automate the lending course of and difficulty loans instantly on Base Chain, with future chains to be introduced.

    MAGBot gives customers in rising markets, together with over 7 million Orb-verified World ID holders, an revolutionary option to entry micro-loans with out paying transaction (fuel) charges. This breakthrough is made doable by the facility of Amplify Money’s decentralized sensible contracts, designed to streamline the mortgage course of whereas minimizing prices. By leveraging the Coinbase Paymaster infrastructure, Amplify Money ensures that each one fuel charges are coated, making the mortgage course of completely frictionless for customers.


    With MAGBot, customers can create a pockets, confirm their id utilizing World ID, and acquire speedy entry to loans—all with out worrying about fuel charges or collateral, which frequently function a barrier to entry for onchain lending. MAGBot marks the primary of many purposes to be constructed utilizing the Amplify Money V1 contracts, that are designed to scale and energy a variety of onchain lending purposes.

    Customers can strive MAGBot now by visiting t.me/MAGBotIntro and begin their journey into onchain lending.

    Key Options of the Amplify Money and World – MAGBot Collaboration:

    • First-of-Its-Variety Lending through Telegram: MAGBot is the world’s first Telegram-based micro-lending bot, permitting Orb-verified World ID customers to entry loans utilizing their verified digital id as collateral—no conventional credit score checks or bodily collateral required.
    • Id-Backed Micro-Loans: Customers can safe micro-loans via MAGBot, leveraging their digital id as collateral, providing a less complicated and extra accessible option to doubtlessly acquire credit score.
    • Automated Pockets Creation: MAGBot mechanically creates a safe pockets for customers interacting with the bot, offering speedy entry to loans with no further setup required.
    • USDC Stablecoin Entry: Loans are issued in USDC, a secure digital forex for world transactions and funds.
    • Reimbursement Rewards: Debtors who repay their loans are rewarded with 1.5% cashback in $MAG tokens, encouraging accountable monetary habits and loyalty inside the platform.
    • Charge-Free Transactions Sponsored by Amplify Money: All transaction charges are absolutely coated by Amplify Money through Coinbase’s Paymaster, making certain a seamless and cost-free lending course of.
    • Onchain Settlement on Base Chain: All transactions are securely settled on the Base Chain, making certain transparency and reliability via decentralized infrastructure.

    “Our collaboration with World and the launch of MAGBot characterize a major milestone in making onchain lending extra accessible to everybody,” stated Ty Blackard, CEO of Amplify Money. “By leveraging id verification as collateral and streamlining the lending course of on Base Chain, we’re unlocking monetary inclusion and honest credit score for hundreds of thousands.”

    About Amplify Money

    Amplify Money is a decentralized credit score market that permits purposes powered by automated lending through Amplify Money V1 sensible contracts. MAGBot is the newest utility constructed on high of the Amplify Money V1 contracts, and extra are to be introduced. MAGBot leverages these sensible contracts to difficulty loans instantly on chains like Base Chain, all whereas overlaying fuel charges for customers, making onchain lending extra accessible. Amplify Money is pioneering onchain lending by empowering customers with transparency, accessibility, and innovation within the lending area.

    About World

    World is a worldwide mission merging digital id and onchain lending to construct a extra inclusive, accessible monetary system for all. Within the age of AI, World is a community of actual people constructed on a privacy-preserving proof of human and a globally inclusive monetary community. In contrast to different networks, customers’ information is owned and managed by them. World is constructed to attach, empower, and be owned by everybody. To hitch, customers can obtain the World App and confirm their World ID.

    Contact

    CEO
    Ty Blackard
    Amplify Labs
    [email protected]



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