Innovative Finance Firm, a San Francisco-based company specializing in lending solutions, has reportedly facilitated roughly 30,000 crypto-backed loans without requiring collateral since late 2024, as highlighted in a Financial Times story published July 27th.

These smaller-scale loans, generally less than $1,000 and denominated in USD Coin (

USDC


$0.9728



), are primarily targeted towards international users who are underserved by conventional banking systems.

Instead of traditional collateral, Innovative Finance Firm leverages World ID, a biometric identification technology created by Sam Altman, which scans a user’s iris. This is used to verify the identity of each borrower and prevent individuals from repeatedly borrowing after defaulting on a previous loan.

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