The CoinLoan project is a platform for providing cash loans secured on cryptoassets. After launching the project, cryptocurrency holders will be able to receive fiat currency without selling digital assets. For this, borrowers can deposit a cryptocollateral into the system (e.g., in Bitcoin, Ethereum or Litecoin). After this they will receive funds in USD, EUR, GBP or other popular fiat currencies. The loan amount can comprise up to 70 % of the current value of the cryptocollateral. The borrower can use the funds at CoinLoan, receive money via wire transfer or withdraw them on a bank card. After repaying the loan, the cryptocollateral will be immediately returned in full.
Holders of fiat currencies invest into the platform and can provide cash loans. Their funds are secured on the cryptocollateral of borrowers, so payback of their money with interest is guaranteed.
Borrowers holding cryptocurrency will have the following advantages:
- Cryptoassets are saved, borrowers do not have to sell them if they need fiat funds.
- Fast withdrawal of funds via wire transfer or to a bank card.
- The platform allows issuing virtual cards supporting Apple Pay or Samsung Pay and a plastic (debit) card delivered by post.
- No solvency and other checks before borrowing a loan.
- Risk assessment and choosing lending conditions allow receiving money on the best terms.
- Loans are provided automatically in case of offsetting applications.
- Refinancing liabilities allows extending the loan term.
- The loan can be repaid at any time by liquidating (selling) a part of the collateral at the current market value.
- Loans can be borrowed in any currency available on the platform.
- Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero can be used as a collateral.
Lenders holding fiat currencies will have the following advantages.
- Automatic creation of applications based on market analysis and lending conditions.
- Lenders can set the lending conditions themselves.
- Guaranteed repayment of loans (including the interest) without delays.
- Lenders from all over the world erase lending barriers.
- The minimal loan amount – 50 USD, the maximum amount and number of active loans are limited only by your budget.
- A loan can be provided in any available currency.
- Any individual or legal entity may provide fiat funds for loans.
- Legality and secure infrastructure provide safety of funds.
”Road map” of CoinLoan project
CoinLoan project has been established in 2016. Currently, they continue to develop the system which shall be finalized in the second quarter of 2018 and the platform will be launched officially. After that, iOS and Android mobile apps will be developed and API for connecting external information systems of financial institutions will be created.
CoinLoan has a team of experts who specialize in developing high-load, scaled solutions in the sphere of e-finance, payment systems, blockchain technologies and cryptocurrencies.
The Pre-ICO of CoinLoan project begins on September 29, 2017. CoinLoan Tokens (CLT) will be distributed during Pre-ICO. They are used for paying the fees for lending or borrowing loans. During Pre-ICO tokens will be sold at a minimum fixed price: 1 CLT = 1 USD.
Those who have bought tokens on the stage of Pre-ICO and ICO will be able to borrow loans secured on CLT without any fee. Besides that, token holders will be able to reduce the interest rate of the loan compensating the part of the rate with help of CLT.
They plan to launch ICO in October in 14 days after the end of Pre-ICO. On this ICO stage, the value of 1 CLT will range from 2 to 8 USD depending on the amount of raised investments.