We are thrilled to finally announce our partnership with our friends and colleagues at Teller Finance.
Teller have been advising and supporting us since the inception of the ReSource Project in late 2020. As pioneers in decentralized finance, and especially in the field of uncollateralized credit, Teller’s experience has been a pivotal source of inspiration for us while designing the foundations of the ReSource project.
We pride ourselves in being the first independent credit market launching on Teller, to further expand the opportunities provided by the burgeoning DeFi industry. Teller have significantly widened the industry’s ambit by broadening the size and kinds of audiences that can now partake in decentralized finance. Building on this partnership, we plan to do the same.
“The partnership between Teller and ReSource is another huge step in DeFi’s path to mainstream adoption. As the first independent credit market to launch on Teller, ReSource is at the forefront of SMB lending. Small and medium sized businesses can now access capital directly from the DeFi market.”
Ryan Berkun, CEO at Teller
The ReSource team won’t be content with merely competing with traditional finance, offering the same credit products we all know and tolerate — just operating on decentralized infrastructure; our goal is to change the heart and soul of finance, and to introduce a whole new logic to this age-old game. One of the steps on this road is fundamentally changing how credit is made accessible, and specifically how credit scores are assigned — which is one of Teller’s main fields of innovation.
Together we are designing an underwriting algorithm, specifically designed for the purposes of Mutual Credit. This algorithm takes traditional risk factors into account, but adds a social trust layer, effectively allowing applicants to collatorize their social reputation. This significantly enriches our underwriting process, allowing us to reach users that could otherwise not access comparable credit products — especially small and medium sized businesses anywhere, but also underserved businesses in developing markets.
Future iterations of this algorithm may, in some cases, make traditional financial data obsolete when underwriting applicants. Leveraging on chain data, existing social networks, and “trust circles”, we’re aiming for a distributed credit scoring mechanism that won’t require bank statements, or even the existence of a bank account, to derive credit-worthiness assessments. Rather, the ReSource Underwriting Algorithm will tap into the existing fabric of communities and the willingness of individuals to vouch for each other. This isn’t only a fairer method than traditional credit scoring, but also smarter and more reliable.
We want to use this opportunity again to thank Teller for their support and trust in us, and invite all of you to join us on this exciting journey.
Onwards and Upwards!
Your friends at ReSource.