The firm aims to revolutionize proceedings by bringing 21st-century blockchain technology to the old-fashion chit-fund market.
“At ChitMonks, we are building India’s largest blockchain network for Savings and Borrowings. We synergize Chit Fund Companies, Regulators, Subscribers, Banks, Service providers, EcoSystem enablers to drive the largest trusted network of Savers and Borrowers platform.”Records of go back to the 19th century. They are a type of rotating savings and borrowing facility practiced in India, where members make monthly contributions to build a pot.
“We believed that such technologies can redefine chit funds and they can re-emerge as a bonafide sector where retail investors can invest and borrow money in a trustless manner.”
Modernization Through Crypto Technology
ChitMonks has developed a crypto powered platform that allows regulators to administer chit fund operations on a blockchain network. The firm works with chit fund companies to make their services more efficient, and with the use of immutable crypto technology, much more trustworthy compared to traditional paper records.“Even before the current COVID-19 scenario, we saw the potential in ChitMonks to revolutionize the current antiquated system of the chit fund industry by bringing the whole ecosystem online. It is in-line with our philosophy of investing in businesses that can digitize current processes and make them more transparent and accessible.”UIV’s shared vision and confidence in the platform will allow ChipMonks to develop India’s largest blockchain network for savers and borrowers.