Loanex - ICO Review

Loanex: New Platform For Crypto Microlending

Loanex is a peer-to-peer lending and investment platform built and deployed by a team of Indian and Russian specialists to facilitate access to digital assets and the corresponding financial services for users around the world.

It appears that the project hasn’t been registered yet in any jurisdiction, though there is a statement in the whitepaper regarding team’s intention to establish a legal entity in Switzerland with further plans to expand to Singapore, the US, Hong Kong, Germany, and Australia. Loanex introduces the ERC-20 token with a ticker LOA which will be a primary instrument for lending and investment and will be tradable once it gets listed on cryptocurrency exchanges.

The concept of Loanex

Loanex will provide future users with an opportunity to borrow, lend, and exchange cryptocurrencies, peer-to-peer on a single platform. The use of blockchain and smart contract afford borrowers the possibility to accurately assess the terms and conditions of a loan and assure themselves of the absence of hidden fees and fines. Lenders, on the other hand, check the borrowers’ reliability and solvency thanks to the unique credit rating system developed by the team.

Loanex will also establish a safety fund to provide partial insurance on borrowed funds. The insurance will cover from 20% to 75% of the principal amount of the loan, depending on the borrower’s credit score. In addition, Loanex will exercise the function of a payment platform, with subsequent integration of a proprietary cryptocurrency exchange. 

The Loanex team

Guy Tan. The founder and CEO. Unfortunately, we were unable to find any valid information about the project founder in the project’s whitepaper or outside sources. The only thing that’s known is that Tan currently resides in Singapore.

Trent Shaw. The co-founder and COO. Shaw has a vast experience as a business development manager and commercial director, obtained while working for numerous Australian companies. Apart from Loanex, Shaw has also co-founded a company called Emanate.

ICO details

The sale of LOA tokens is going to be carried out in one phase, which is due to begin on November 15 and stay live until December 15. The total of 10 million LOA tokens will be allocated for this sale. The ICO price of 1 LOA is $1, though the project also introduces a substantial discount to those who buy tokens in bulk. The percentage of the discount will depend on the amount of raised funds at a given moment.

  1. Investors will be eligible for a 50% token discount for a period until Loanex sells $1 million worth of tokens;
  2. 30% discount will become applicable after passing the $3 million threshold;
  3. 15% discount will remain valid until the raised amount exceeds $6 million.

Although Loanex has established a softcap at $2 million, the project’s whitepaper states that the investors will get a refund in case the project fails to raise $1 million. Should this barrier be passed, Loanex promises to engage in the development of the platform that will operate solely in the microcredit mode. In case of an excellent outcome of the token sale, which would mean surpassing the hardcap of $10 million, Loanex will continue developing a fully-fledged loan platform, along with establishing cooperation with the arbitrage firms. Moreover, the project will create a safety fund that will accommodate 20% of the money raised through the ICO. LOA tokens can be purchased using BTC, ETH, and USD. There’s no specific information about the restricted countries.  

Author: Alex Paulson for

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Frankly speaking, I’d be amazed if Loanex manages to reach the hardcap. The reason behind my doubts lies not in the unattractiveness of the project, though I must admit that it’s hard to impress anyone these days with an idea of a blockchain-based microlending platform. It’s their lack of marketing efforts that concerns me. I’ve found out about Loanex by accident despite being a real ICO geek. None of my friends knew about it, and Loanex’s media presence is far from being strong.

CoinNinja   September 24, 2019  

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