Teller, a blockchain project for decentralized lending incubated by A16Z’s crypto startup school, announced on Thursday it secured $1 million through its seed investment round… Teller revealed it is on a mission to disrupt the $215 trillion debt market. In DeFi, the decentralized loan market has grown tremendously.
[Teller founder and CEO:] “… true success for DeFi requires entering mainstream appeal; we need to stop building in a vacuum. In a trustless environment, unsecured loans are tough to architect but necessary for the evolution of DeFi…”
… it will reduce lending risks for crypto holders and allow anyone to launch decentralized lending markets that can offer unsecured cryptocurrency loans. Ultimately, this will lower the barrier to entry for mainstream consumers, who in 2019 accounted for over $140 billion worth of personal loans in the U.S. alone.