United States, 28th Jan 2023 – Bulla Network, a new and innovative web3 business platform developed by veteran Wall Street traders and blockchain engineers, is set to launch its Web3-based financing tool later this year. The innovation is designed to tap the full potential of access and inclusivity in financing and credit opportunities that Web3 offers.
A beta version will be tested at ETH Denver, a community-owned innovation festival, in March, where the developers will seek partners and interest.
With this launch, Bulla Network will enter the credit market, which is currently estimated to be worth nearly $1 trillion. This untapped potential for Web3-based financing solutions is a major opportunity for the platform, and Bulla Network Founder and CEO Mike Revy is excited about the possibilities.
“It’s time for micro and small credit to be decentralized, and we are excited to demonstrate how this can be done with the Bulla protocol,” he said.
Already, the Bulla Network platform offers a Web3 accounting system with a “triple-entry” ledger that allows for the secure, transparent and efficient tracking of financial transactions. Users can tokenize invoices, and track payments with an immutable ledger, providing a new level of visibility and trust for businesses.
The ethos of Bulla Network is to provide access to finance, while providing security and privacy. The firm notes that financing opportunites have long been inaccessible to all but a privileged few, making it difficult to access credit and liquidity needed to grow and develop businesses and projects. That exclusivity is a hallmark of Web2, but new possibilities have been ushered in with Web3.
Bulla Network’s current Web3 accounting and payroll platform uses NFTs to tokenize invoices and payments, making it easier to track and trace payments, while providing a secure, immutable record of transactions. Providing an on-chain financing system is the next stage in the evolution of this platform.
A tokenized invoice, for instance, could be used to open a line of credit, with the ledger being used to provide a secure, transparent and efficient record of the loan’s progress. Similarly, a history of payments could be used to secure a loan or credit line.
Akin to how traditional crowdfunding platforms have opened up new opportunities for businesses to access financing and credit, Bulla Network’s Web3 finance tool could provide a new level of access to those who have traditionally been left out in the cold. By sharing their data and transactions in an immutable, secure and transparent manner, users could access financing and credit opportunities that were previously unavailable to them.
Bulla Network aims to power this system with new smart contracts that connect borrowers, lenders, and investors in order to provide the most efficient, secure, and transparent financing platform possible. Bulla Network’s team is also in talks with potential financial institutions to explore new options for financing for businesses and projects. In anticipiation of a 2023 launch, Bulla Network has already begun testing its platform with a select group of users.
Bulla Network’s goal is to provide a much-needed service that unlocks the possibilities of Web3 to create a fairer financial system. With the launch of their Web3 financing platform, Bulla Network is set to revolutionize the way we access financing and credit.
Organization: Bulla Network
Contact Person: Michael Revy
Country: United States
Release Id: 2801232328