- The lending platform that allows cryptocurrency holders to access the purchasing power of their digital assets without spending them.
- The firm reported that 1220 lending contracts were signed involving cryptos worth over $350,000
INLOCK announced on Thursday that it is launching a new peer-to-peer crypto platform which will enable retail investors to utilize their crypto holdings. The company claims that the lending platform will allow crypto holders to access the purchasing power of their digital assets without spending them. This will also increase the market liquidity.
Csaba Csabai, founder and chief executive of INLOCK, said:
“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.”
After the peer-to-peer platform was launched, the firm reported that 1220 lending contracts were signed involving cryptos worth over $350,000. The average annual percentage rate (APR) was 5.8 percent, while the most favorable APR remained at 8 percent.
Csabai added:
“We receive an overwhelming amount of loan requests from entrepreneurs, business owners, and traders for this very problem on a daily basis.”
Interest rates on the lending platform are completely dependent on demand and supply on the market to curtail any centralized interference.
David Sabo, the business development strategist at the company, said:
“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.”
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