Into the Bytecode

Mike Sall and Blake West are the founders of Goldfinch, a decentralized protocol facilitating uncollateralized credit.

Show Notes

Mike Sall and Blake West are the founders of Goldfinch, a decentralized protocol facilitating uncollateralized credit.

“One of the borrowers is a company based in Uganda. They provide rent-to-own loans for motorcycle taxis to thousands of customers. They've borrowed $5m to expand their operations."

Thousands of people in countries like Uganda, India, and Brazil have been financed by Goldfinch loans through local lenders, largely without realizing crypto is the source of funds.
These local lenders are largely innovative fintechs in the global south, and have historically fallen into an uncanny valley — they need too much capital for what is available in their local financial markets, and too little capital to navigate foreign institutional markets.

3:09 - The 'lightbulb' moment
8:20 - The financing gap for emerging-market borrowers
13:04 - Borrower profiles; Tugende, DiviBank, and Greenway
15:43 - Interfacing with Goldfinch
20:37 - Crypto-native KYC and how UID works
23:18 - Bottlenecks for the global adoption of crypto
34:40 - Compliance requirements for Goldfinch in the United States
45:25 - Compliance requirements for borrowers in emerging markets
50:56 - Demographics of ‘Backers’
52:43 - Incentive alignment and fraud-prevention
1:03:53 - Learnings from shipping a production smart contract system
1:15:01 - Launching GFI token and governance of the protocol
1:26:04 - The macro point of view

Check out our website for other episodes: intothebytecode.xyz
Subscribe to our newsletter for updates: bytecode.substack.com
Twitter: twitter.com/sinahab

What is Into the Bytecode?

Into the Bytecode is a podcast about the ideas shaping crypto. Sina Habibian previously worked on ecosystem development at the Ethereum Foundation.

Website for other episodes: intothebytecode.xyz
Newsletter for updates: bytecode.substack.com
Twitter: twitter.com/sinahab