Every economy that wants to thrive would need lending service. And some cryptocurrency owners are not just looking at cryptocurrency as a short term gain. They are seriously considering it as a long term investment. With this idea in crypto traders, there are lots of opportunities for wealth creation in the industry.
However, the wealth in cryptocurrency cannot be easily accessible because it’s not liquid. It can only be assessed when there are associated costs and a high level of risk. A cryptocurrency that is sold to mitigate a current liquidity difficulty is, most times, bought back at a great cost. Because of this risk, and because there is currently no better option, crypto-assets are rarely used and stored in crypto assets.
The main goal of INLOCK is to stand in as a connector between those looking to benefit from trading in cryptocurrencies and those with these crypto coins but don’t know exactly how to use them. Of course, the main benefit of INLOCK’S approach to the traders is the lower risk of entering the crypto market. INLOCK is planning to introduce this platform that will offer mutual benefits to both parties while reducing the level of risks involved.
INLOCK provides loans to cryptocurrency holders by accepting their crypto funds as collateral while providing liquidity to the borrowers. It provides a risk-free platform for both lenders and borrowers to transact business.
The lender has better protection because he can exchange the collateral for FIAT currency, a liquid form of his funds. The main role of INLOCK is to provide the security of funds for both the lender and the borrower. The lender will have that confidence that his loan amount will be paid since the borrower has collateral in cryptocurrency. And the lender gains interest from the risk-free transaction.
On the other hand, the borrower will be able to access short term loans with his crypto funds as collateral. Generally, this would have been difficult to get without the intermediary activity of INLOCK.
Borrowers would be able to set their own conditions in the INLOCK system. They can set the amount and loan duration, based on their needs. In turn, the lenders will look into the borrowing requests and negotiate to approve the most viable option for them. The lender issues the loan via the INLOCK portal, and completely controlled by INLOCK. Also, participants can customize the risk-taking level on exchange rate fluctuations to suit what they want. With this platform, institutions can enter the new market, which was not possible for them in the past.
INLOCK was founded on March 11, 2018, in Estonia. The platform is built on blockchain technology. With INLOCK’s platform, creditors can monetize their software or content without going through an intermediary. INLOCK, in this case, stands as the middleman and provides a risk-free transaction.
It accepts BCH, LTC, BTC, and ETH tokens, and is traded on the Ethereum platform. Right now, China is the restricted country to this platform. It distributed its token sales as follows: Marketing reserves (5%), Advisors (10%), Founders and team (10%), private sales (31%), and public sales (44%).
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|Start||July 1, 2019|
|End||September 30, 2019|
The project is an ambitious one because there is currently a vacancy in the area the company wants to explore. Cryptocurrency holders are looking for ways of getting a short-term liquid loan with their crypto funds as collateral. And some lenders are willing to earn more interest on their money if they are guaranteed a risk-free transaction. With INLOCK’s involvement, the team can provide services for both parties. But the project needs more awareness and sensitization. If the team members can guarantee trust and transparency to both parties, the project could succeed.
BestNameEver April 18, 2020 Reply