The buzz around the tokenization of real-world assets continues after the decentralized credit platform, Credix, wins the award for ‘Best Use of Web3’ at the inaugural 11:FS awards.
The awards – handed out by 11:FS, which builds next-generation propositions for challengers in the financial services industry celebrates the people and products shaping the future of financial services.
As the name suggests, the ‘Best Use of Web3’ recognizes projects that “incorporate web3 into financial services products in a way that truly taps into the potential of web3.” It recognizes the rapid growth and adoption the Credix platform has achieved over the last year despite the bear market, and its proven ability to deliver real-world impact, both in terms of providing sustainable returns to investors, and flexible credit to FinTechs in emerging markets.
Speaking on the award, Credix CEO and Co-Founder said:
“We are honored and grateful to 11FS for their recognition of the work Credix is doing to build the future of global credit markets. By bringing private credit markets on-chain, Credix is solving for the $5 Trillion funding gap for MSMEs in emerging markets by developing a next-generation credit platform that matches institutional investors and FinTech lenders. This award is welcome recognition of that project.”
In recent months the platform has continued to attract family offices and institutional investors to its platform. This continued growth during the crypto winter attests to the appetite for projects that leverage blockchain in ways that are unlinked to crypto volatility.
Sharing their thinking behind their decision, the 11:FS judging panel had this to say:
“Credix provides access to cheaper capital for fintechs in emerging markets while giving better return on capital to investors in developed economies. Amplifying access to credit in emerging markets is a major boost in the local economies. By abstracting the complexities of web3 to borrowers and lenders they showed an increased rate of adoption in the last year, both in users and in volumes.”