Magnify.cash Launches MAGBot: The World’s First Telegram Bot for Loans, Establishing “Identity-Backed Lending” Using World IDs
Bangkok, Thailand, November 12th, 2024, Chainwire
Bringing Onchain Micro-Loans to Millions through Identity-Backed Access on Telegram
Magnify Cash, a leader in onchain lending, has launched MAGBot, the world’s first Telegram-based micro-lending bot, establishing a new paradigm for onchain, identity-backed lending. MAGBot is built on top of the Magnify Cash V1 smart contracts, which automate the lending process and issue loans directly on Base Chain, with future chains to be announced.
MAGBot offers users in emerging markets, including over 7 million Orb-verified World ID holders, an innovative way to access micro-loans without paying transaction (gas) fees. This breakthrough is made possible by the power of Magnify Cash’s decentralized smart contracts, designed to streamline the loan process while minimizing costs. By leveraging the Coinbase Paymaster infrastructure, Magnify Cash ensures that all gas fees are covered, making the loan process entirely frictionless for users.
With MAGBot, users can create a wallet, verify their identity using World ID, and gain immediate access to loans—all without worrying about gas fees or collateral, which often serve as a barrier to entry for onchain lending. MAGBot marks the first of many applications to be built using the Magnify Cash V1 contracts, which are designed to scale and power a wide range of onchain lending applications.
Users can try MAGBot now by visiting t.me/MAGBotIntro and start their journey into onchain lending.
Key Features of the Magnify Cash and World – MAGBot Collaboration:
- First-of-Its-Kind Lending via Telegram: MAGBot is the world’s first Telegram-based micro-lending bot, allowing Orb-verified World ID users to access loans using their verified digital identity as collateral—no traditional credit checks or physical collateral required.
- Identity-Backed Micro-Loans: Users can secure micro-loans through MAGBot, leveraging their digital identity as collateral, offering a simpler and more accessible way to potentially obtain credit.
- Automated Wallet Creation: MAGBot automatically creates a secure wallet for users interacting with the bot, providing immediate access to loans with no additional setup required.
- USDC Stablecoin Access: Loans are issued in USDC, a stable digital currency for global transactions and payments.
- Repayment Rewards: Borrowers who repay their loans are rewarded with 1.5% cashback in $MAG tokens, encouraging responsible financial behavior and loyalty within the platform.
- Fee-Free Transactions Sponsored by Magnify Cash: All transaction fees are fully covered by Magnify Cash via Coinbase’s Paymaster, ensuring a seamless and cost-free lending process.
- Onchain Settlement on Base Chain: All transactions are securely settled on the Base Chain, ensuring transparency and reliability through decentralized infrastructure.
“Our collaboration with World and the launch of MAGBot represent a significant milestone in making onchain lending more accessible to everyone,” said Ty Blackard, CEO of Magnify Cash. “By leveraging identity verification as collateral and streamlining the lending process on Base Chain, we are unlocking financial inclusion and fair credit for millions.”
About Magnify Cash
Magnify Cash is a decentralized credit market that enables applications powered by automated lending via Magnify Cash V1 smart contracts. MAGBot is the most recent application built on top of the Magnify Cash V1 contracts, and more are to be announced. MAGBot leverages these smart contracts to issue loans directly on chains like Base Chain, all while covering gas fees for users, making onchain lending more accessible. Magnify Cash is pioneering onchain lending by empowering users with transparency, accessibility, and innovation in the lending space.
About World
World is a global project merging digital identity and onchain lending to build a more inclusive, accessible financial system for all. In the age of AI, World is a network of real humans built on a privacy-preserving proof of human and a globally inclusive financial network. Unlike other networks, users’ data is owned and controlled by them. World is built to connect, empower, and be owned by everyone. To join, users can download the World App and verify their World ID.