Union is an open-source protocol that facilitates peer-to-peer credit access on the blockchain without requiring collateral, credit scores, or personal information. By enabling users to vouch for trusted contacts, Union democratizes credit access and allows individuals to build personal on-chain credit lines, addressing the limitations of traditional lending systems.
Funding
$3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional lending systems often rely on collateral, credit scores, and personal information, creating barriers to credit access, especially for individuals lacking these prerequisites. This limits financial inclusion and hinders the ability of individuals to leverage credit for personal or business growth.
Solution
Union is an open-source, peer-to-peer credit protocol built on the blockchain that enables users to access credit without traditional requirements like collateral or credit scores. The protocol operates on a system of trust, where users can vouch for trusted contacts, extending them a line of credit. This allows individuals to build personal on-chain credit lines based on their network of trusted relationships, democratizing access to credit and fostering financial inclusion. Union empowers users to underwrite and borrow on-chain, creating a more accessible and decentralized credit ecosystem.
Target Audience
The primary target audience includes individuals seeking access to credit without traditional requirements, small businesses needing lower-cost capital, and developers looking to build on programmable credit lines.
Features
- Peer-to-peer credit access based on vouching and trust networks
- Permissionless lending and borrowing directly from a smart contract
- On-chain credit lines without collateral or credit score requirements
- Community-driven governance through UNION token holders
- Integration with NFT contracts for vouching based on NFT ownership
- Programmable credit lines for developers to build on