Crypto Lending Platform Launched By CoinLoanbr>
Estonia-based startup CoinLoan has officially launched its crypto-to-fiat lending platform that allow users to HODL crypto and borrow fiat money.
The new platform enables everyone to become a lender or a borrower, on his or her own terms. It allows lenders to deposit fiat funds through international/local bank transfers or bank cards and create applications for providing loans on favorable conditions (terms, interest rates) individually. For borrowers, the platform allows them to create an application for receiving a loan in the amount that does not exceed 70 percent of the current market value of the crypto collateral. This limitation has been created for preserving the crypto assets of the borrower and reducing risk related to the high volatility of the crypto asset market.
Alex Faliushin, Founder & CEO at CoinLoan, said that the main advantage of the platform is that it is based on the P2P economy, which means anyone can lend or borrow controlling the terms individually.
“For instance, we asked our audience about their demands and saw a request in micro, medium and large loans as well,” Faliushin said. “That’s why on CoinLoan every user can create a loan application according to his/her current needs, whether for a €500 short-term loan or a big deal.”
The platform currently supports bitcoin, ethereum, Litecoin, Dash, ZCash, and Ripple. The company plans to extend the list of supported cryptocurrencies and add popular ERC20 tokens in the future. Users can borrow a loan in the following fiat currencies: USD, EUR, GBP, CNY, JPY, RUB, CHF, PLN and CZK. Licenses, credit history checks or solvency proofs are not required for borrowing or providing a loan. It is enough to register and verify an account for creating a lending or borrowing application.
The crypto lending market has been steadily growing in the past few months. Libra Credit recently partnered with Binance Labs to offer fiat and crypto loans to BNB holders using their coins as collateral. Last week, BlockFi, a non-bank lender that offers USD loans to cryptocurrency owners, raised $52.5 million in a fundraising round to expand its operation outside of the US.