Blockchain Lending Platform ETHLend Raises $10 Million in ICObr>
Decentralized lending platform ETHLend raised $10 million in the first 30 minutes of its initial coin offering (ICO). The token sale started on November 25 and will run until December 9.
Built on the ethereum blockchain, ETHLend provides a global lending market that connects lenders and borrowers from all over the world, offering secured loans with the use of ERC-20 compatible digital tokens as collateral. The company’s goal is to provide a transparent and global lending market. One key to achieving that is to erase interest rate differences between countries by providing more liquidity to local lending markets. ETHLend aims to solve issues regarding collaterals, decentralized credit rating and exchange volatility risks, which enables the concept of decentralized lending experience.
The announcement follows a successful LEND token pre-sale in September where ETHLend sold a small portion of the LEND tokens. The pre-sale sold out within 77 hours, raising over $600,000 worth of ethereum. ETHLend said there is now less than 20% of LEND token available before the cap is reached. The funds will be used for financing further research and development of the company’s decentralized lending application.
LEND’s main utility function is the ability to use it for paying deployment fees on the platform with a 25% discount compared to ethereum. The company will also provide other privileges for LEND token holders based on the community suggestions once the DAPP (decentralized app) has grown into a full-scale lending market.