Fintech startup launches peer-to-peer lending platform facilitating cryptocurrency-backed loans.
Talinn, Estonia – CoinLoan, the Estonia-based fintech startup, today announced plans to launch a lending platform to create a new type of secured, peer-to-peer loans for crypto investors through its ICO.
Currently, if a crypto investor has a large holding in Bitcoin and needs fiat currency, there is no option for them to borrow against these assets. CoinLoan plans to offer a solution to this issue in the near future.
CoinLoan’s founders, Alex Faliushin and Max Sapelov, started CoinLoan when they recognized that cryptocurrency could facilitate a completely new type of lending. CoinLoan is creating a system of secured peer-to-peer lending, where borrowers deposit crypto assets for a loan in their preferred currency. If the borrower doesn’t repay according to the agreed terms, CoinLoan can liquidate the pledged crypto asset and will return the remaining funds to the lender, including accrued interest. Lenders get a risk-free way of earning interest on their capital, and borrowers get to leverage their crypto assets without liquidating. A crypto investor is able to leverage their crypto-assets for a loan to allow them to retain a long position with their assets and at the same time, give them a range of options with future tax payments.
Billed as “lending secured by crypto assets”, CoinLoan allows members to leverage assets like bitcoin as collateral. This new platform, tethered to Ethereum ERC20 smart contracts, lets borrowers tap into capital on demand. CoinLoan’s major benefit is that it offers a mechanism to support the holdings of an investor, while it also greatly simplifies the loan process and leverages a lending market built on blockchain technology.
CoinLoan has also made great strides in putting together a compelling investment proposition for investors. “In the run-up to our ICO, we’ve added a number of seasoned blockchain specialists to our advisory team,” said Max Sapelov, CoinLoan’s co-founder. “We’ve totally reconfigured our token offering to make it a very compelling investment proposition.” After successfully raising $550,000 during its pre-ICO fundraising round, it plans to raise the remaining $56 million via its ICO on November, 26th, 14:00 UTC.
- Learn more about CoinLoan at https://coinloan.io
- Follow CoinLoan on Twitter – https://twitter.com/coin_loan
- Join the CoinLoan’ Telegram group at – https://t.me/coinloan
- Email – [email protected]
Images courtesy of CoinLoan
The post CoinLoan Launches Lending Platform Using Crypto Assets appeared first on Bitcoinist.com.
Bitcoinist.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT
Send Tip now!