BUDAPEST, Hungary, May 9, 2019 /PRNewswire/ -- INLOCK peer-to-peer
lending platform let cryptocurrency holders to access the
purchasing power of their digital assets without spending them. The
platform provides a very viable alternative to selling crypto
positions in case of a temporary liquidity problem by
collateralizing them and taking out a loan. Of course, upon
repaying the loan, customers get back their crypto in full. There
is no centrally controlled interest rate, INLOCK operates
under the peer-to-peer model, ensuring that the interest rates are
determined by supply and demand.
Csaba Csabai, Founder and CEO of
INLOCK realised that crypto assets are the perfect candidates for
collateralization; no matter how volatile, or what the current
exchange rate is, crypto assets have value, they can be exchanged
instantly, and there is a broad consensus regarding the actual
price.
"We have seen far too many examples of people selling Bitcoins
to finance their short or mid-term investment goals only to witness
the price skyrocket in the following days - especially during 2017.
Of course, nobody is able to predict the future, but the next best
thing is to keep your options open. We receive an overwhelming
amount of loan requests from entrepreneurs, business owners, and
traders for this very problem on a daily basis," said Csaba Csabai, Founder and CEO of INLOCK.
"Market competition creates the balance between the Lenders
profit requirements and the Borrower's demand for reasonable
interest rates. It beats all artificially steered models - it's all
the control we'll ever need," added David
Sabo, Business Development Strategist of INLOCK.
In the first 24h, an impressive amount of loans were matched
successfully:
- 1220 lending contracts
- over $350K in value
- Average APR: 5.8%
The overcollateralization rate averaged at 180%, which shows
that customers are ready to make educated choices in their credit
requests. The most favorable APR on the platform is 8%
currently.
Since the Borrower's cryptocurrency fully backs the loan, the
investment of the Lenders is perfectly safe. INLOCK engages
traditional investors with safe investments options offering higher
interest rates than traditional bank savings. Loans are granted in
USDC, the stablecoin issued by Circle combining the power of the
dollar at the speed of crypto. The team is actively working on
adding more currencies as collateral options and extending their
reach through key partnerships with wallet service providers,
exchanges and other relevant players of the industry to integrate
the lending services of INLOCK in their systems.
For more information, visit the official INLOCK website and
learn more about the INLOCK vision. Follow INLOCK on Telegram,
Twitter and Medium.
About INLOCK
INLOCK is a blockchain-based platform that enables
cryptocurrency holders to manage short-term liquidity problems by
taking a loan in stablecoins using their existing cryptocurrencies
as collateral. The company was founded in 2018 by a team of fintech
experts in Hungary to build up
solutions for various crypto-asset based use-cases for the
financial world.
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SOURCE INLOCK