DeFiner.org, Winner of the 2019 Detroit Fintech Challenge, is Making Itself Known in the Fintech Sector
(Minneapolis) – It was the year 1994 when Amazon.com founder Jeff Bezos said, “People don’t have any idea yet how impactful the Internet is going to be and that this is Day One in such a big way.” At the time, few people had any idea how right he would be.
Today, Jason Wu, CEO of Minneapolis-based DeFiner.org, a digital currency lending platform, says there will soon come a time when commerce and finance on the internet goes far beyond just buying and selling products. He predicts a time when everything from car loans and mortgages to life insurance policies will be fully automated online as well.
Wu says this will be made possible because of blockchain and smart contract technology. “Blockchain” is a system which records transactions across several computers linked in a peer-to-peer network—a decentralized, public, and immutable ledger. The most well-known application on such a system is the digital currency bitcoin. But this simple application is just the beginning. Smart contracts are blockchain applications allowing parties to put conditions into contracts, thus making it possible to eliminate the human factor.
“Blockchain never fails to fascinate me. I got my first bitcoin back in 2013,” said Wu. “I was curious about bitcoin and just wanted to play around with it. Automation and the effectivity of transferring assets globally mesmerized me. With the automated network, transaction and settlement cost will be significantly lowered and the service quality will be significantly improved.”
Wu says switching to blockchain technology to execute contracts will reduce costs significantly, because the process becomes automated. “Using blockchain can make it 80 percent cheaper to prepare a contract,” said Wu. “Right now, banks are charging about 3.5 percent for a mortgage. Our fee for handling the same contract would probably be just a little more than one-percent.”
DeFiner.org is already gaining recognition for its innovation. In August, the company won the 2019 Detroit Fintech Challenge, an annual competition in the Fintech ecosystem to generate enduring solutions to the biggest challenges and concerns in the financial, payments, banking, and insurance sectors. The company’s prize: $7,500 in cash, $5,000 in legal aid, a fully-paid week-long residency at Silicon Fintech Bay in San Francisco, and options for an equity-based $50,000 investment and a $50,000 software and business development package from Kyyba Group.
DeFiner has also developed partnerships with industry leaders to strengthen their lending marketplace. Partners include Wyre for flexibility in converting between cryptocurrencies and cash, and the Kyber Network to allow users to seamlessly swap between cryptocurrencies.
The DeFiner platform rolled out in Sept. 2018. Today, it has over 900 active monthly users. It is currently in beta testing mode for financial transactions, but Wu says in the future it may also be useful for divorce and alimony agreements, prenuptial agreements and real estate transactions.
“A few years ago, if you told someone you were going shopping for clothes on the computer, people would laugh and say, ‘No. You shop for things at the mall.’ Well, Jeff Bezos envisioned a day when people would rather shop at home,” said Brandon Ferdig, DeFiner’s content creation manager. “Jason sees a time when people don’t have to go to the bank any more to secure loans. He built something to replace the middleman.”
For more information about DeFiner.org, which is headquartered in downtown Minneapolis, go to DeFiner.org or call 612-278-4045.
About Jason Wu
Jason Wu is an experienced blockchain architect, project manager and digital currency entrepreneur who has quickly established himself as a subject matter expert and adviser to numerous organizations in the areas of token economics, smart contact integration and blockchain architecture. In 2018, Jason established Definer.org, a lending platform to simplify the process of decentralized digital currency transactions. Jason holds a Master of Business with Honors from the Ohio State University.
Over the past five years the market for digital assets has had a compound annual growth rate of 262 percent. Currently, the market value is averaged to be 300 Billion USD.
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