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Webtransfer: From a Pioneer of Social Lending to a Decentralized Future

In 2006, Webtransfer began its operations as a global money transfer service with offices in London, Moscow, Miami, New York, Shanghai, Cape Town, Mumbai, and Singapore, providing services worldwide. In 2013, building on this international business, Webtransfer launched a social credit network headquartered in Miami, supported by Webtransfer Corp in New York and Webtransfer Europe Ltd in the UK, the latter holding an FCA license for money transfers, cementing its presence as a leading global hub for social lending.

In 2013, Webtransfer introduced a revolutionary platform where any social network user, such as Facebook, Twitter, Google, VK, and others, could participate. The platform allowed registered users to borrow and lend amounts from $50 to $1,000 for periods ranging from 3 to 30 days, backed by a Guarantee Fund formed from the lenders’ profits, ensuring the return of their investments.

By October 2014, the number of users in Webtransfer, the first social credit network, exceeded one million participants. The company’s proposed social model of mutual P2P lending convincingly demonstrated not only its viability but also its advantages over traditional lending institutions.

By May 2015, the network had nearly 5 million participants from different countries, with daily transactions exceeding $45 million, indicating explosive growth and confirming the effectiveness of the P2P lending model offered by the company.

In 2015, Webtransfer made a breakthrough by launching Webtransfer VISA debit cards. This move, a first in the world, allowed participants to instantly transfer money to each other and to issue and receive loans directly, card-to-card, bypassing the need to top up personal accounts. This innovative solution significantly increased the number of participants and the volume of credit transactions, strengthening Webtransfer’s position and highlighting its role in the evolution of fintech.

By 2017, the number of participants in the social credit network had exceeded 10 million people. Despite economic crises, the mutual aid model flourished, allowing millions of people to provide financial support with just one click, circumventing traditional financial institutions. This model was enhanced by allowing participants to earn before sharing with the network, ensuring growth and stability even in times of instability.

An important milestone in Webtransfer’s history underscores its role as a fintech pioneer. Before major cryptocurrency exchanges like Binance became well-known, Webtransfer occupied a unique niche by creating the first non-custodial P2P exchange for electronic currencies, including the then-emerging cryptocurrencies. This platform was equipped with a transaction guarantee system, making it not only innovative but also a secure tool for participants wanting to engage with electronic currencies.

Thanks to its progressive functionality, the Webtransfer P2P exchange enjoyed widespread popularity among users, allowing them not only to profit from currency rates but also to contribute to the development of a new era of digital finance. Many participants still remember it as an important and reliable tool for earning, further emphasizing Webtransfer’s innovative spirit and leadership in the early stages of the cryptocurrency market’s development.

At the end of 2017, Webtransfer had to close its card program due to changes in VISA’s policy on issuing co-branded cards. This forced measure marked the end of one of the most vibrant chapters in the company’s history, leaving behind a legacy of striving for innovation and improving financial operations for its users.

However, the experience gained by Webtransfer during those years only strengthened our belief in the importance of security and transparency in financial operations. This is why 2024 marked the transition of Webtransfer to a decentralized platform, where blockchain will ensure the security and transparency of operations. We aim to become the leader in decentralized social lending, offering users enhanced opportunities and building trust.

The story of Webtransfer is a story of constant development and pursuit of innovation. The shift to a decentralized model is a logical step that will enable the company to take a leading position in the field of social finance of the future.

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