Raising funds for startups or private funding has always been a difficult process, but the advent of crowdfunding platforms eased the process for many. Difficult access and lack of trust in banking systems, low credibility, tax regulations and bureaucracy gave rise to money circles. Crowdfunding and money circles gradually became popular, however, they do stand as barriers for a few entrepreneurs. Money circle organizers are not very transparent and crowdfunding platforms not easily accessible by small business owners.
Please Note: This is a Press Release
AZ FundChain realizing the limitations of the traditional money circles and crowdfunding, set up its own blockchain technology based platform which is an accessible, transparent and reliable application for crowdfunding and money circle. The platform attempts to reap benefits of the traditional money circles while also being accessible through mobile applications. It aims at bringing financial freedom and an unbiased balance to the community through the blockchain technology. Small business owners can connect with household investors on the transparent platform and raise funds for their business needs using fiat or cryptocurrencies. Information such as background, reputation and feedback on the participants will be accessible by circle organizers for evaluation and acceptance.
Users on verification will be able to invest into a pool or organize a money circle which may be private or public.Participants can invest or withdraw funds in Ethereum, ERC20 tokens and USDC. The platform will also give credit scores to users based on their previous contract fulfillment and verification of KYC. Every funding transaction and circle will be backed by smart contract, which require users to pay the AZ Token as fee. The native AZ token will automatically be bought as fees will be deducted from each withdrawal that users make. 80% of the fees collected will directly be contributed to the AZ token buyback program.
The user-friendly interface and transparent system designed by the AZ FundChain platform aims at solving trust issues related to traditional money circles and crowdfunding. Through the use of blockchain technology, the project attempts to reach out to the unbanked communities, focusing on small enterprises and households for crowdfunding. FundChain is making a conscious effort to have a positive social impact with introduction of a decentralized finance, thereby acting as a helping hand for small business owners or start ups.
