United States, California, Walnut - 10/15/2020 — The total value of funds locked in blockchain-based decentralized finance applications reached $11 billion in September, up nearly 1,900% from the previous year's $600 million. Although decentralized finance (DeFi) represents only 3% of the broader cryptocurrency market, it is now its biggest growth sector by far.
DeFi’s incredible surge over the past year risks increasing levels of income inequality, however, as a number of DeFi services are offering users interest on their deposits many times greater than a typical bank account – for those who are aware that such services exist.
Karma Finance, founded by Antoine Sorel Neron, the creator of the first Initial Coin Offering (ICO) in cryptocurrency, seeks to help tomorrow’s earners jump ahead of the curve. It is developing a new platform that will help students learn about DeFi with the potential of earning money for their tuition, textbooks, and other expenses with the help of donations from its charity-minded users.
“If a student can receive files from anywhere in the world over their smartphone, why not something more useful that they can cover their tuition and expenses with?” said Neron, a Canadian-American who grew up in a crime-ridden neighborhood on Chicago’s South Side.
Neron, who dropped out of the 8th grade after his mother was diagnosed with cancer, continued, “Decentralized finance is meant to help the world’s unbanked populations with a more inclusive and open financial system that anyone can easily participate in. We may not be able to make it happen for the world’s poor just yet, but at least we can make it happen for hard-working students who want to improve their economic situation.”
Karma Finance will be the first DeFi application built for charitable giving.
About Karma Finance
Karma Finance launched on August 31, 2020, with a simple goal: let young people participate in decentralized finance while learning about it. A community-based project aimed at helping students succeed, it uses a unique decentralized finance (DeFi) protocol that allows Karma ‘angels’ to stake Ethereum cryptocurrency that students from anywhere can claim and use for their tuition and expenses.
Media Contacts:Company Name: Karma Finance