With the web3 financial identity established by Masa Soulbound Identity, users globally can get access to decentralized loans and other financial products. Lenders will be able to increase underwriting quality and access a global pool of decentralized liquidity. Liquidity Providers will be able to better assess Lenders’ loan book quality and make data-driven investment decisions.

The launch comes as nthusiasm for Soulbound Tokens grows. First outlined in a whitepaper co-authored by Vitalik Buterin, founder of Ethereum, earlier this year, SBTs are a new, non-transferable NFT asset class that can serve as a web3 user identity. SBTs are tokenized representations that are anchored to the notion of what someone’s accurate social or financial identity is—a true and indisputable list of credentials, commitments and affiliations. Being non-transferable, they demonstrate uniqueness in a way that couldn’t be traded to someone else, allowing them to authenticate the credentials of whoever held them.

To create a Masa Soulbound Identity, the user enters their information into the Masa app, which then links their wallet and enables them to claim a unique Soulname (“XYZ.soul”) NFT. This process is similar to registering a “XYZ.eth'' Ethereum Name Service domain name. The user can claim the ownership of a Soulname NFT for a finite amount of time, renew it upon expiration, and sell and transfer it to another user for a price.

With their unique Masa Soulbound Identity, a user can access a range of use cases, such as accessing web 2 and web 3 credit scores, unlocking decentralized lending and other financial products, using Masa Soulbound Identity as a single sign-on for web3 applications, and more.