Azima
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Azima Details
Azima is a micro loaning solution that gives Bitcoin owners an opportunity to loan USDC against their bitcoin interest-free and rewards the Lender with Bitcoin interest.It is a peer-to-peer platform for micro-loans using Bitcoin as collateral. Bitcoin Holders use their Bitcoin to generate cash flow by borrowing USDC, interest-free, while the Lenders of the USDC accumulate Bitcoin. Each loan agreement is custom-created by a simple-to-use User-Interface on the Azima wallet.Azima gives individuals full control of the exchange of their digital assets. The time period, repayment schedule, and collateral amount determined by the users are made possible by the Azima smart contract. For example, when user wants a loan of 500USDC, they select "borrow", choose how much Bitcoin they want to put down as collateral (e.g. 800USD of bitcoin), select the loan period (e.g. 3 months) and repayment schedule (weekly, monthly) and send the offer to the lender via QR code scan or cellphone number.The lender receives the offer on the Azima app and if they choose to agree, a smart contract is created with those parameters. The borrower will immediately receive the 500 USDC and the borrower's Bitcoin will be automatically wrapped and staked.The repayment is automatic until the total of 500USDC is paid, and the bitcoin is unwrapped and sent back to their wallet. But the staked interest of the Bitcoin will be sent to the Lender.If there is not a positive balance of USDC in the account the borrower will get 3 warning messages. After the third strike, the Bitcoin and interest will be unwrapped and sent to the Lender.
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