SAN FRANCISCO, June 18, 2019 /PRNewswire/ — Gluwa is a blockchain technology company located in San Francisco. Aella Credit is a mobile lending company based in the same city. The companies are collectively backed by several notable investors from the valley, including Y Combinator, 500 Startups, Steve Chen (co-founder of YouTube), Brian Armstrong (co-founder and CEO of Coinbase), Michael Siebel (CEO of Y Combinator), VY Capital, and Zeno Ventures. The companies have jointly designed and built Creditcoin, a credit investment blockchain. The blockchain enables anyone to build credit by performing and recording credit transactions on the tamper-proof network.
The Vietnamese Association of Victims of Agent Orange (VAVA) is an organization with five million members that is focused on helping the Vietnamese victims of Agent Orange. One of VAVA’s principal activities is the distribution of capital to its provincial chapters so that they can buy gifts and support local victims.
On April 12, 2019, Gluwa, Aella Credit, and VAVA signed a letter of intent to join forces to build credit for the five million members of VAVA. Gluwa and Aella Credit will provide micro-lending and credit-recording technologies to VAVA and its members. Using the technologies, VAVA will offer its members micro-loans. The members will build credit by repaying their loans and having their activities recorded on the public blockchain Creditcoin.
“We build products to help you live better and do better,” says Akin, co-founder and CEO of Aella Credit. “We hope to empower people with tools to build the financial independence they rightfully deserve,” added Tae, founder and CEO of Gluwa.
SOURCE Gluwa, Inc.