Karma Finance Announces Restructuring Deal

Karma Finance will be acquired by Goodomy as part of a deal that will restructure both projects.

Goodomy will provide funding for the cash-strapped Karma Finance project. Additionally, a new entity will be created that will operate in a far more decentralized and streamlined manner while still satisfying the needs of both communities. As well, the ‘Karma Finance’ brand will be replaced with the UBI+ brand.

UBI+, the new entity, will be a free-market based method of providing all of its token holders with a Universal Basic Income (UBI) scheme. It will run on the Fantom network.

Holders of the Ethereum-based KFI token will receive a swap of the new, Fantom-based UBI+ token. Details on the swap will be released at a later date.

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A blockchain-based mechanism that provides incentives to private individuals acting in their own best interests to fund a decentralized UBI scheme.