TrueFi drew capital from Andreessen Horowitz and Alameda, with the resulting price surge leaving other coins in the dust
TrueFi is up by an astonishing 435% today after a successful funding round raised $12.5 million. TrueFi is distinguished from the hundreds of other DeFi protocols by its innovative, incentive-based, uncollateralised lending mechanism, which presents an alternative to the orthodox way of doing things in the sector. Investors now include a16z (Andreessen Horowitz), BlockTower, and Alameda.
To learn more about why TrueFi has surged today, read on. We’ll also show you how and where to buy TRU today.
How & where to buy TrueFi in the UK and elsewhere
TRU tokens are readily available from a wide range of reputable and reliable broker and exchange services. We’ve shortlisted two of the best platforms below for your convenience: simply join one and create a free account and make a deposit to get started.
Aim to avoid using decentralised exchanges (DEXs) wherever possible, as these platforms are usually unregulated. This means that your investment would be unprotected in the event of a hack or scam.
eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
What is TrueFi and what makes it different?
TrueFi is a decentralised finance (DeFi) platform that offers uncollateralised lending. Most DeFi lending platforms operate on a collateralised basis: borrowers deposit collateral, which is liquidated in the event that they are unable to repay their loan. This makes DeFi loans much easier to acquire than traditional loans, like mortgages, where less collateral is put down, but a lengthy vetting process is carried out to assess the likelihood of repayment.
TrueFi sits in the middle of these two processes. TRU tokens are used to vouch for the creditworthiness of individuals, and those with higher reputations will receive loans more easily. Holders are incentivised to vote only for trustworthy borrowers, and are penalised if they vouch for a defaulter. This inventive mechanism lowers barriers for entry: most DeFi loans require huge amounts of capital, as they are over-collateralised. This limits the accessibility of large loans to those who already have large capital reserves.
Should I buy TRU today?
The logic behind the recent investments is clear, given the standout mechanics of TrueFi. The 435% price climb speaks for itself, and many investors will be keen to invest in a product that is backed so heavily by immensely successful venture capitalists such as crypto veterans Andreessen Horowitz.
Currently sitting at $0.8248, TrueFi has just set an all-time high. Late entries could yet squeeze further gains out of this rally.
The post TrueFi spikes 435% after raising $12.5 million: where to buy TRU appeared first on Coin Journal.
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Author: Joe Khalique-Brown