The importance of taking a loan in the world of finance
An essential part of one’s financial life lending. Almost everyone needs at least one personal loan to purchase a house, car, apartment or whatever it might be. But, especially businesses need loans, both small and big. However, getting a loan from banks isn’t as easy as one might think, especially for smaller businesses or startups as banks are very strict with who they lend to. This results in a lot of projects not getting the required funds to carry out their operations, which causes great Opportunites to be wasted. However, a project by the name of LoanBit might have found a solution to this very problem. They are creating a peer-to-peer lending platform, which means that people take loans directly from other people, eliminating the rejecting power of the bank. On a peer-to-peer lending platform, the users decide whether they want to invest their money into someone who requests a loan. When there are a ton of users on a platform instead of a single entity, there is a much higher chance that someone will give you that loan. On the contrary, borrowers can earn some extra cash by receiving interest on the loans they borrow people or projects. The platform supports multicurrency and cryptocurrency, so there is a way to transact for everyone.
Security is a very high priority for LoanBit
One thing that LoanBit takes very seriously is security. When people’s money is involved, this has to be an absolute priority. A range of measures is being taken to ensure users’ funds aren’t lost. These obviously include the use of blockchain technology which brings a whole new level of security never seen before in the financial world. A safety fund has also been established by LoanBit which covers up to 75% of one’s investment if a loan isn’t repaid. A verification system is used on the platform to ensure no illicit behavior is involved. If you wish to transfer money to someone, you can do just that on the LoanBit platform, it can even be done in different currencies and cryptocurrency. LoanBit also offers an online wallet where you can store your funds until you wish to invest them, transfer them, exchange them or purchase services. A future where people don’t need to rely on a centralized banking institute is slowly approaching as more and more services are being replaced by peer-to-peer solutions. LoanBit is one of them, and can hopefully fill a much-needed gap in the world of lending.
To fund their project, LoanBit is raising funds through an initial coin offering (ICO), selling their ERC20 token LBT. The LBT token will be used within the LoanBit ecosystem for things such as access to listing and paying commission fees. A buyback system has been put in place, in which the project will invest some of its future profits back into the coin which creates a demand on top of the natural demand, in relation to the popularity and success of the project.
The token sale started on the 2nd of April
The token sale ends the 31st of May
1 LBT = 1 USD (Bonuses apply to different phases)
- Maximum amount of tokens minted is 37,000,000 LBT
- A maximum of 31,450,000 LBT will be for sale during the ICO
- Hard cap is 20,000,000 USD
If you find this project interesting and wish to learn more about it or their token sale, you can visit the following links below and read their whitepaper. To keep yourself up to date on the project, you can follow their social media accounts also linked below.
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