Goldfinch (GFI)

$GFI is 99.8% below its Jan 2022 ATH. a16z and Coinbase Ventures backed this. 100M in loans originated, 56M still stuck onchain, depositors recovering 30 cents on the dollar after 3 years. Governance vote passing 100% to shut it down.

a16z-BACKED RWA STARTUP GOLDFINCH FINANCE TO WIND DOWN

Goldfinch Finance is shuttering after originating $100M in loans. The governance vote on the wind-down is set to pass on June 23. Depositors face 2+ year recovery as $GFI trades 99.8% below its 2022 peak.

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https://t.co/C3VmjGhxhu

According to a report by Protos, Goldfinch – an on-chain lending project backed by a16z, Coinbase Ventures, SV Angel and well-known investor Bill Ackman – has recently been questioned by community participants over a potential large-scale bad-debt issue. Depositors say that among the eight borrowing institutions partnered with the project, two have defaulted and six are undergoing restructuring, “over $50 million of funds have been mismanaged.” Goldfinch launched in 2021, focusing on providing financing to African and other emerging-market enterprises via DeFi, and is considered one of the early representative projects in the RWA (real-world asset) and on-chain lending space. In 2022, a16z led a $25 million funding round. Its token GFI has dropped more than 99% from its January 2022 peak of $32.94, and its market cap has shrunk from about $390 million in 2024 to less than $6 million.

https://t.co/tHPRF8uBll