MyBit, an Ethereum-powered ecosystem that connects the global IoT industry, has announced the decentralized lending platform ETHLend will list MYB tokens on its platform as the two firms entered into a strategic partnership.
Similar to MyBit, ETHLend is also based on the Ethereum blockchain and is a marketplace for peer-to-peer lending services using smart contracts. The platform provides low-interest rates, and the technology assures transparency for every transaction. For now, it only provides lending with Ethereum but is set to introduce other altcoins in Q4 2018 which will include MYB.
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A mix of IoT and blockchain
MyBit is leveraging the rapid expansion in the field of internet-of-things (IoT) and has developed an investment ecosystem for the booming sector. Anyone using MyBit’s decentralized investment platform – MyBit DApp – can invest in revenue-generating IoT devices such as robotics, autonomous vehicles, 3D printers, drones, cryptocurrency ATMs, and miners.
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A week ago, MyBit announced the integration of the Bancor protocol on its platform including all its DApps to increase liquidity. It also launched a decentralized asset exchange – MYDEX – to trade stakes of IoT industry.
Ian Worrall, co-founder of MyBit, said: “Together with blockchain, there is another technological revolution on its way. It is predicted that by 2025, 50 billion IoT devices will generate an astonishing 11 trillion $ in revenue.”
Lend from ETHLend
ETHlend is also making a huge impact in the market with its lending services. In April this year, the firm registered a record-breaking figure of 12,000 ETH in lending volume. Moreover, the firm has made new developments in its project like the deployment of its decentralized application Alpha 0.3 (Kogia) to the Ethereum Testnet, as well as new FIAT lending capabilities.
Due to the promising model, ETHLend has gained massive community support and in a token sale last year raised $10 million in mere 30 minutes.