The GIG Pool just completed the financing of its second NFT.
We originally financed $100k in early August and we just financed another $100k in early September.
The $100k is for a promissory note to Moves Financial (https://movesfinancial.com/) and it is backed by a pool of 356 payment advances worth an average of $281 to gig economy workers who got paid on demand.
Our Gig Pool lets people get paid now!
As always, feel free to reach out if you have questions about investing.
This is great. Where can we see how fees accrue to CFG and the pool investors on this deal? Also, Assume there’s a fairly high loss ratio on the loans so how do those losses get passed back to CFG / Pool investors?
Hi @smartestbeta ,
Actually, the loss ratio is really low. This is because the promissory note is extended to Moves Financial, Inc. and is backed by Moves’ balance sheet in addition to being asset backed by a collection of Moves’ underlying business cash advances. The pool is also protected by a 20% TIN risk buffer, which also provides protection to DROP investors.
You can see how the fees accrue to pool investors on the Investments page. The target return for the DROP tokens is 8.5%.
Please see me assessment of the GIG Pool to learn more about the risks and rewards: Sizing Up the GIG Pool For Investment.
Thanks and keep the questions coming!