Pencil Finance Shatters Barriers: $1M in On-Chain Student Loans Launched!

Hold onto your hats, crypto fans! Pencil Finance just kicked off a revolution, securing $1 million in real-world loans, all raised on-chain, for student funding. Yep, you heard it right—blockchain's now in the student loan biz!

Forget the old-school ways; real-world assets are stepping up in a big way. This Thursday, July 10th, Pencil Finance—the trailblazing student loan protocol—pulled off its first-ever fully on-chain capital raise for student loans. It's not just a transaction; it's a movement!

The hefty $1 million raised on the Pencil Finance platform? It's set to supercharge educational opportunities in emerging markets, with a special focus on Asia, like the Philippines and Indonesia. ErudiFi's in on the action too, ready to channel this capital into tuition funding for university students. Game-changer alert!

And guess what? The folks who threw their capital into the mix aren't just doing good; they're earning good too. $750,000 of that capital's locking in a solid 15% annual percentage yield, while another $250,000's playing the variable APY game with a dash of first-loss risk. It's a win-win!

Blockchain Blazing Trails in Education

The platform's not just flying solo; it's got the backing of Hong Kong's blockchain giant, Animoca Brands. Yat Siu, the co-founder and executive chairman, is all in on this, seeing Pencil Finance as the prime example of blockchain's power to make a real-world impact.

“By issuing student loans with funds that originated on-chain for the first time, Pencil Finance is showing us how decentralized tech can empower learners and shake up education globally,” Yat Siu declares, brimming with excitement.

Frank Li, co-founder of Pencil Finance, is just as fired up, believing blockchain's here to make waves in social impact. Their mission? Crank up the dial on educational access worldwide.

“Students in emerging markets are finally tapping into transparent, efficient funding thanks to on-chain finance. We're beyond proud to be opening doors for the next wave of talent,” Frank Li cheers.

And let's not forget about Animoca Brands, the powerhouse behind this move. They're not just any firm; they're a game developer, NFT platform, and a venture capital powerhouse zeroed in on crypto businesses, especially in Asia. They're fueling the future, one startup at a time!