The Suretly Crowdvouching Platform, which raised $2,8 million from the crypto community via ICO last summer, has announced the launch of its demo version.
In 2017, Suretly token-holders were inspired by the idea of a crowdvouching platform – an international exchange for micro-guarantees, where people can make money by helping others borrow. In the beginning of 2018, the project made something that many other ICOs were not able to deliver: the demo version of its product. To become a guarantor (or a ‘voucher’, in the crowdvouching terminology), an individual needs to download the Suretly mobile application, where he can find borrowers’ loan orders, vouch, and get receive a sum of money in return (a fee).
On April 9, Suretly releases the first version of the new app, available to all users registered for its testing period. This version will not be available in mobile application stores. It allows users to experience the full functionality of the application, with the exception of the topping up and funds withdrawal features. In demo mode, it operates with virtual borrowers and virtual funds on users’ accounts. The borrowers’ behavior is based on the real data of past periods, and, therefore, users can learn different vouching strategies and practice them in future.
“I know that our backers are looking forward to seeing the full release of the Suretly app, and we are striving to meet their highest expectations. We plan to finish a major part of the development during this quarter and to enter Russian and Kazakhstan markets immediately afterwards. A bit later we will integrate SUR tokens into the application, where they will be used alongside fiat money as a method of ensuring guarantee. We expect a rise in demand for SUR tokens in the nearest future, due to the increase of their usage in the app”, explained Eugene Lobachev, Founder of Suretly.
Unlike p2p lending, Suretly does not lend money directly, but rather serves as an intermediary between financial institutions, borrowers, and co-signers. Suretly users vouch for a small part of a loan sum and guarantee that the loan will be repaid in the case of a borrower’s default. Liability for each loan is divided among all vouchers and each voucher’s approval serves as an insurance of the loan. In order for the loan to be approved, the entire amount must be guaranteed by the vouchers.
The creators of the crowdvouching idea leave open the possibility of replacing p2p lending with their model in the context of international loans. Among the main reasons for this, they name growing regulatory pressure on p2p platforms and the fact that p2p lenders do not have access to the standard means to define borrower credibility – as well as other vulnerabilities in the peer-to-peer model.
Suretly has been nominated for the Benzinga Global Fintech Award in the “Best Lending Platform, Tool or App” category in 2017. The company headquarters are located in New York City and, in 2018, Suretly also plans to enter the US market.
The App will be avavilable only for pre-registered users.
Company name: Suretly
Company site: https://suretly.com
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