Press Release

Ecommerce Giant Coruls is Aiming Defi on Its Platforms

Ecommerce Giant Coruls is Aiming Defi on Its Platforms

The DeFi market is on boom and we all know that. Since March 2020, DeFi market has grown from $100M to more than $15B in August 2020. So, what made a huge market demand of DeFi platforms in such a period of short time? I believe the most apt answer would be the changing environment in businesses worldwide. There’s been lockdown at many places for a lot of time and the offline retail business suffered a lot. The present finance system is unable to handle such a crisis. Banks crashed and so did the stock markets.

But, there were a few businesses that still grew by adapting to the change. The most prominent of them was the ecommerce. E-commerce giants like Amazon and Ebay adapted to the changing world situations with innovative techniques like zero-contact deliveries and sanitizations of warehouses. However, a huge gap still remains between these marketplaces and merchants. They do not give much support to their merchants who were affected by the situation. Many merchants needed money to restart their businesses or make their businesses stable. The marketplaces did not give much support to their merchants in this financial crisis.

Meanwhile, ecommerce giant Coruls is aiming at the DeFi market to help the merchants, affiliates, customers and investors alike. Coruls is a well-established marketplace that has served more than a million customers worldwide. As the Covid situation arose, Coruls like other marketplaces also adopted to the change. However, many merchants suffered due to the crisis. Some lost their regular suppliers and some lost shipping partners. Many merchants were in need of financial help to restart their business, manufacturing, supply chain among other things. But due to the financial crisis all over the world, they were unable to get this help. They could not receive any help either from banks or investors. This affected their business on Coruls as well.

As the situation demanded, the management team of Coruls had to come up with a plan to help their merchants. Being in the frontier of technology, the Coruls team decided to help the merchants with their technical and financial expertise. And then started the idea of $CORL, a token for digital and physical goods. With CORL, the company is aiming the DeFi space to enhance their platform as well as make the platform adaptable to this sudden world crisis. With the CORL token, the first and foremost problem of merchants not having enough money to run their business is solved. Say how?

When a merchant stakes CORL token in his wallet, it becomes his asset. He can ask for funds from investors against this asset. He will provide all his business details to the investor in a pitch deck. If any investor thinks that a merchant’s business is worth investing, he can directly do so on the Coruls platform. He can take merchant’s CORL tokens as a collateral and give him funds to run his business. All the lending will be peer-to-peer only, meaning Coruls platform is and has no middleman in-between. Investors invest money directly via smartcontract and gets his returns from merchant directly via the smartcontract. The CORL token can also be used as a mode of payment on the platform. Affiliates will also be incentivized by the CORL token and customers will be rewarded with the token as well. The merchant will not be charged any transaction fees when he is paid with CORL.

The Coruls platform wants to target the DeFi market to enhance the e-commerce space and reward customers, affiliates and the merchants in a way never done before. As the platform has already strong roots in the e-commerce space, a lot can be expected from the platform’s new plans.

Tech Junkie is a small word for Vikas Kaushik. Whether the latest game on the market or a new gadget launch he is the go-to person. He drives his motivation from the fast-paced technological advancements. He ensures that the right news reaches niche audiences. An avid biker and movie buff he has deep-rooted faith in upcoming technological inventions and is a torchbearer for the tech revolution.

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