Farmbit.io review (Is Farmbit.io legit or scam?)
Table of Contents
Farmbit.io review (Is Farmbit.io legit or scam?)
Read all about Farmbit in this Farmbit.io review.
What is Farmbit.io?
FarmBit is creating the future of Agribusiness and warehouse financing, the FarmBit protocol will help business owners and warehouse asset custodians to eliminate inefficiencies and take advantage of the potentials of DeFi & NFT.
Providing access to Bankless liquidity for Agribusinesses and warehouse assets in developing countries. FarmBit is bringing non-fungible assets to DeFi, making them accessible to a global, decentralized marketplace.
An asset-backed financing platform that provides fast access to financing for businesses using DeFi. Assets are turned into NFTs, which are then financed through FarmBit Pool.
FarmBit opens up economic opportunities for Agribusinesses and warehouses in developing countries.
Asset owners and DeFi investors interact on FarmBit Pool, a decentralized marketplace to connect business owners, investors and operators. Agribusiness and warehouse asset owners can finance their businesses without banks or other intermediaries.
According to its website, its vision “to accelerate investments into Agribusinesses. Thanks to the rising income and urbanization of African states which is directly driving investments in the agribusiness sector, estimated to develop into a US$1 trillion industry by 2030. These trends offer bright prospects for creating jobs and income opportunities that are crucial for ending extreme poverty and boosting shared prosperity. FarmBit wants to make growth sustainable and accessible to all.”
What is DeFi?
Defi is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments and instead utilizes smart contracts on blockchains.
What is an NFT?
A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and not interchangeable. NFTs can represent items such as photos, documents, agreements, assets, and lots more.
What is Agribusiness financing?
Agribusiness financing is a form of financing that involves a loan made by a financial institution to a company, manufacturer, processor, farmer, and aggregator. Existing business assets, land, or commodities are used as collateral for the loan. The goods are inspected and certified by a financing company to ensure the borrower owns the asset used to back the loan.
What is Warehouse financing?
Warehouse financing is a form of inventory financing that involves a loan made by a financial institution to a company, manufacturer, processor, farmer, and aggregator.
Existing inventory, goods, or commodities are transferred to a warehouse and used as collateral for the loan. The goods are inspected and certified by a collateral manager to ensure the borrower owns the inventory used to back the loan.
Farmbit.io features
High Interest Rates
Up to 22% APY. Traditional interest rates offer 1 – 2% APY
Decentralized Insurance
For adequate protection on Agribusinesses and warehouse assets.
A Global Access
Financing assets and providing liquidity is open to everyone.
Earn Interest and $FMB Tokens
Provide liquidity and earn high interest plus $FMB tokens.
Flexible Loans
Fast access to cheap financing for small and large Agribusinesses.
$FMB Tokens
$FMB tokens are used to incentive user’s operations on the network and serve as an essential tool for governance on the FarmBit protocol.
Farmbit.io token
$FMB is the native token on the FarmBit network. $FMB Tokens are used to reward users for participating in different operations on the network.
$FMB holders participate in governance through on-chain voting. Token holders can make decisions to upgrade the protocol, including adding new functionality or amend the fee structure. This includes control over how functions such as risk models, liquidity provision, and reputation for participating entities
$FMB Use cases
Payment of Fees
$FMB will be used to pay transaction fees and the network’s default charges.
Reward program
Lenders and Borrowers are rewarded with $FMB for participating in the platform activities.
Staking
$FMB holders can stake tokens to verify transactions and support the network to earn more tokens.
Governance
$FMB holders participate in on-chain voting and have the ability to make decisions regarding fees and future upgrades.
FarmBit tokenomics
FarmBit Token: Token Name
$FMB: Token Symbol
Eth, BSC, Polygon: Blockchain
200m FMB: Total Supply
Farmbit allocation
$FMB roadmap
Farmbit community
Twitter: https://twitter.com/farmbit_io
Facebook: https://facebook.com/farmbitofficial
Medium: https://farmbit.medium.com/
Telegram: https://t.me/joinchat/Cn1Lmj8b7WowM2Zk
Is Farmbit.io legit?
FarmBit is the first decentralized financing platform for agribusinesses and warehouses in Africa. It is headed by popular crypto influencer and trader “Chris Ani”, who is a well trusted name in the Nigerian crypto industry.
Frequently asked questions (FAQs)
Who is the Founder of Farmbit?
The founder/CEO of farmbit is Chris Ani.
Is Farmbit legit?
FarmBit is the first decentralized financing platform for agribusinesses and warehouses in Africa. It is headed by popular crypto influencer and trader “Chris Ani”, who is a well trusted name in the Nigerian crypto industry.
Conclusion
Thank you for reading my Farmbit.io review. If you have any question or comment, you can leave it in the comment section below.
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