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AZ FundChain Attempts to Advance Financial Inclusion Through Blockchain

Last Updated April 12, 2023 6:04 AM
Press Release
Last Updated April 12, 2023 6:04 AM

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Crowdfunding and money circles have been receiving negative attention as the risks caused by asymmetric information have led to huge losses to investors. Investors are on a lookout for a more transparent and secure platform. In the wake of the fame and acceptance that Blockchain technology has received, attempts are being made by companies to embed this technology into the core of their business. Blockchain provides a transparent and unbiased platform for transactions and interactions without serving individual interests. Therefore, using blockchain technology in financial applications is an ideal solution for such investors.

AZ FundChain  has made smart use of the blockchain technology and smart contracts on its platform to prevent losses to investors and enable secure cash management. It provides a decentralized platform for users to run their own money circles and crowdfunding campaigns and raise funds for their business or personal needs. The decentralization features eliminate the problems of traditional crowdfunding and money circles such as high operating fees and lack of trust.

The platform features KYC, AML and Google authentication and verification to ensure security. Easily accessible to every individual, it enables investors to display funding flow, operate money circles and crowdfunding and also view profiles of participants.

The Buy-Back Guarantee

  • The platform’s native token, AZ tokens, will be distributed to participants upon withdrawal. AZ tokens represent the fee of the platform, which is 1% for each withdrawal made.
  • USDC being an ERC20 token which will be created with deposits of fiat currency and is pegged at $1. The users who deposit the fiat currency will in return receive the same amount of USDC tokens in their accounts.
  • Additionally, organizers can create money circles with either Ethereum or USDC. The fees collected from payments by the smart contract will be sent to another contract that will have buyback events. The fees collected through Ethereum will be converted to USDC which will be used to buy AZ tokens at $1 per token, from the stability fund.
  • Therefore, every month each USDC token can buy back 1 AZ token at the buyback event until all USDC dry out.
  • 80% off the fee revenues charged by the platform for withdrawals on money circle will be used for the AZ token buyback event.
  • The bought back tokens will be owned by AZ FundChain and unlocked within 1 year of purchase. 50% of these tokens will be used to support funding requirements of most popular and trusted crowdfunding platforms and the remaining 50% will be sold in the open market at a price of $0.90 per token.

Running a money circle or crowdfunding campaign on a transparent, secure and trustworthy platform has been long awaited by investors. With this innovative idea, AZ FundChain  has presented a revolutionary solution for the problems faced by the financial industry.