Copra – a journey towards financial inclusion

Alex Stoicescu

Nov 23, 2023

4 min.

Copra, Request Network blog post
Copra, Request Network blog post

Copra is building the infrastructure for web3 natives to collateralize their future on-chain income as an NFT to borrow against. Crypto enthusiasts will now have a new way to access credit while keeping their digital financial freedom. Here are the details from Copra’s co-founder, Brian Limiardi.

How did it all begin?

Copra was founded by Brian Limiardi and Dimitri Sastropranoto in early 2022. Brian was previously an entrepreneur in the fintech lending space in Southeast Asia. He is also part of the latest cohort of Ethereum’s Next Billion Fellowship program, which aims to amplify stories of crypto builders trying to create a positive impact using blockchain, particularly in emerging markets. Dimitri was previously an engineer for Chainlink Labs.

What are the core challenges Copra solves?

Traditional finance institutions have been hesitant to extend credit to individuals with crypto income, primarily due to the complexities associated with income verification. This reluctance has inadvertently discouraged people from receiving their income in crypto, causing them to miss out on the efficiency and speed that crypto transactions offer. Copra aims to rectify this issue by enabling users to collateralize their on-chain future income as an NFT, which can then be used to secure a loan.

What is the real-world impact of Copra?

Consider a graphic designer in Indonesia earning $1,000 monthly from a company in Germany. The choice between receiving income in crypto or fiat is a significant dilemma. While crypto offers speed and cost efficiency, it needs more proof of income necessary to access credit from local lenders. Copra solves this problem by allowing individuals to receive their income in crypto while retaining access to transparent, fair, and secure credit facilities governed by trustless smart contracts.

How does Copra leverage Request Network?

Copra leverages on-chain income payment tools like Request Network to secure loan repayments directly for lenders, thus providing a seamless and secure transaction process. This integration highlights the synergy between web3 protocols, showcasing the potential for collaborative efforts while adding an extra layer of trust and reliability.

The process works like this:

  1. The borrower mints a Copra NFT based on future on-chain income

  2. The NFT is auto-listed on an external NFT marketplace

  3. The borrower sells the NFT to a lender at a discount to face value

  4. The future income is auto-collected thanks to smart contracts for the lender to close the loan

If you have a standing invoice in the Request Network ecosystem and have signed up for Copra’s beta phase, you can try it yourself.

What security measures does the Copra platform employ?

Recognizing the importance of security in the web3 space, Copra is committed to ensuring the safety of its users and their assets. The platform is undergoing a thorough audit process with Zokyo, a reputable firm specializing in blockchain auditing, having worked with names such as Railgun, LayerZero, and many others you can find on their website.

On a journey towards financial inclusion

Copra stands at the forefront of financial innovation, addressing longstanding issues that have hindered the integration of cryptocurrency earnings into the traditional credit system. By providing crypto earners with access to credit backed by their future income, Copra is not only promoting financial inclusion but also accelerating the adoption of crypto for income payments and credit extension. As we move forward into the future of decentralized finance, platforms like Copra play a crucial role in shaping an inclusive, efficient, and secure financial ecosystem.

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