Trying to understand Defimable, what we do, how we do it and how you can partner with us? We recently rebranded from Farmbit to Defimable and have rounded up some Frequently Asked Questions for you.
FAQs On Defimable
1.What is Defimable?
Defimable means “Decentralized Financing Made Able” and we have chosen this name to tell both existing and new users that we are ever committed to connecting businesses in dire need of financing with the untapped and unlocked liquidity in the DeFi ecosystem.
2. What does Defimable do?
Defimable is an open marketplace that leverages the power of blockchain to help businesses obtain working capital by discounting their trade invoices to investors. These investors are willing to advance funds, and earn stable yields.
3. Are you a cryptocurrency exchange?
No, we are not a cryptocurrency exchange. We are a business that provides alternative financing option for businesses across Africa by helping them access the liquidity (money) available in the DeFi ecosystem.
4. Are you a crypto coin?
No! We are not a cryptocurrency coin but we have a token, $FMB.
5. Are you an agricultural company?
Our earliest beginning had its root in Agriculture hence our former name,” FarmBit” but we are not an agricultural company. We however provide funding for businesses in the agricultural sector.
6. Are you a loan app?
We are not a loan app. What we do is called “business factoring.” Factoring helps small businesses get working capital by selling accounts receivable, or invoices, to a commercial financial company known as a “factor.” The goal is for your business to receive cash more quickly than waiting for customer payments.
7. How is business factoring different from a loan?
Factoring is not a business loan — it’s the sale of an asset (the invoice). Here, the factor buys the right to collect on an invoice when it’s paid, minus a percentage discount. The factor (Defimable) will pay around 75% of the invoice up front.
8. How does factoring on Defimable work?
Defimable counts on your customers paying their invoices, hence we are more concerned with your customers’ financial status. As a business, you will have to validate your customers’ payment history. If your business has creditworthy customers ( worthy of receiving credit), we give your business working capital up front and wait for the initial payment you cannot wait for.
9. How do you check creditworthiness?
We use several metrics including invoice history, your business revenue, etc. of both parties. If your customers have a history of late or missed payments, or if your business has weak revenue, you may not be approved for the financing. We expect to get paid back, just like other types of lenders.
10. Why blockchain?
Blockchain technology allows us operate a transparent, decentralized and reliable business. It is also how we can pool together liquidity providers to advance up to 75% of the liquidity your business needs. With the blockchain as our technology, you do not have to worry about data theft, invoice breach or loss of trust or assets. It also holds us accountable as everyone can see everything!
11.Why should I support Fima Pool?
By supporting Fima Pool, you help us go a step further to achieve our dream of using Real World DeFi to help real world businesses in Africa tap into the enormous DeFi liquidity. Access to DeFi liquidity will help these businesses solve cash flow problems and scale.
With FarmBit Pools, DeFi will be accessible to individuals and businesses that need financing. It is also an opportunity to plug in your digital assets and get stable yields in stable coins.
12. When do pools open on Defimable?
There are no set calendar dates for when our pools are open for investment. You can however always check defimable.com/app/pools to see what pools are open, closed or in the preparation stage.
13. How long are pools open for investment?
Pools on Defimable have an open period of approximately. After this period elapses, the pools are closed for investment.
14. How can I Invest in Fima Pool?
To invest in any open investment pool, you must have our native token, $FMB. All FMB holders are eligible to invest in any pool open for investment on FarmBit.
Once you have the minimum required $FMB for that particular open pool, you can subscribe to the investment pool and let your digital assets work to earn you stable yields in stable coins.
15. What is the minimum required amount of $FMB for investors?
There is no minimum amount of $FMB required for investors on Fima Pools.
16. How is Defimable different from other projects that came up & how can I be sure that Defimable is the future?
First, we’re decentralized, but more than then blockchain hype, we have use cases that relate to real world businesses and we’re the first in Africa to use this model.
We are solving a major finance problem for businesses in Africa using cryptocurrency and our difference is in the utility the $FMB provides. This entire process is reliable, transparent and decentralized giving everyone no matter their asset class an opportunity to participate.
17. Why should I invest in Defimable?
Earn Passive income, partner with us to help businesses access working capital and redefine financing for small business owners, minimum risk and most importantly, decentralized. This gives you total control over the process.
18. Is there a plan for $FMB to get to local farmers and consumers rather than just the investors?
Absolutely! FMB is for both sides of the crypto divide. We are currently driving adoption especially among people who are unfamiliar to the crypto scene.
19. Is $FMB pre-mined already or it will be mined normally??
No, there is no pre-mining.
20. Is it too late to buy $FMBs?
No. The last best time to buy was yesterday, the next best time is now.
How to Buy $FMB
1. Download your preferred #web3wallet
2. Insert this link on the Dapps:
3. Change your network to BNB Chain [Smart Chain]
4. Input the amount FMB you want to buy.
5. Click swap.
6. A window with more details will appear. Click confirm swap
7. Done! You can click View on BscScan to see your transaction details on the explorer
21. How many tokens did @farmbit_io release at TGE?
At TGE, 1.6 million tokens were released.
22. How many business pools has FarmBit financed?
As at March, 2022, we financed over 14 business pools totalling over 2 million subscribed $FMBs, and 300 BUSD rewards.
23. How can I finance my business on Defimable?
Simply send an email to firstname.lastname@example.org
If you have any further question, send an email to email@example.com or tweet at us.
24. What’s your security like?
We were audited by Techrate and have no issues whatsoever!
25. How long does it take to get financing on FarmBit?
Depending on the size of your invoice, our business pools mature in less than 40 days.
26. Do you finance only businesses across Africa?
Yes! For now, we have not expanded to provide our service outside of Africa.