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Fintech startup releases the first version of its peer-to-peer lending platform that facilitates cryptocurrency-backed loans.
Peer to peer fintech startup, CoinLoan, recently rolled out the first version of their revolutionary peer-to-peer lending platform. Investors were thrilled with the results (try it for yourself here, and are eagerly awaiting the end of the ICO and listing on exchanges soon after.
The CoinLoan team was excited to finally unveil what they’ve been working on over the previous months. “It’s an exciting breakthrough to finally give our community access to the first version of the interface of our lending platform.” said Alex Faliushin, CoinLoan’s CEO. “We think this demonstrates to our community just how close we are to launching our business and delivering significant, tangible value to them”. After obtaining a financial license and surpassing their soft cap, CoinLoan has cleared every major hurdle with aplomb.
CoinLoan has also recently enabled direct fiat investment in their ICO. The main benefits for investors are that they avoid the volatility of using crypto, and they no longer need to use exchanges to buy crypto to invest. This unique option enables investments of $5,000 or more in USD or EUR in exchange for CLT tokens.
CoinLoan solves a very real challenge facing crypto owners. Currently, if a crypto investor has a large holding in Bitcoin and needs fiat currency, there is no simple option for them to borrow against these assets. CoinLoan has created a system of secured peer-to-peer lending, where borrowers deposit various crypto assets for a loan in their preferred fiat currency. If the borrower doesn’t repay according to the terms agreed by both parties CoinLoan liquidates the pledged crypto asset to ensure the terms are fulfilled, returning the remaining funds to the lender.
There are significant advantages for both borrowers and lenders by entering into this type of arrangement. Lenders (both individuals and entities) get a low-risk way of earning interest on their capital and significantly reducing cryptocurrency volatility risk. Meanwhile, borrowers (such as miners and “HODLers”) get to leverage their crypto assets without liquidating and staying leveraged for future gains, while also giving them a range of options for future tax payments. Using this method, there are no additional exchange commissions to buy cryptocurrency, and funds are very easily transferred to and from a traditional bank account or credit card.
While CoinLoan is still onboarding investors of all sizes; investment funds, institutions and holders of sizable crypto portfolios are eligible to receive sizable bonuses during the ICO stage.
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Company name: CoinLoan
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