AltLending Launching a New Alternative Lending Platform for BTC and ETH
Lending experts, Atlending Inc. has announced the launch of the beta version of its new lending platform that allows companies to use cryptocurrencies as collateral to borrow US dollars.
The company is piloting the beta solution allowing select clients to leverage Bitcoin and Ethereum as collateral, and early successes being recorded. A full release of the solution to the rest of the public is scheduled for Fall 2018.
According to the company, its staff has been involved in capital markets for almost a decade now, and blockchain technologies, along with cryptocurrencies, provide an amazing new way to transfer assets and store value in this digital age.
Currently the platform offers simple interest-only loans, and maturities between 6 to 12 months. In the future AltLending will offer additional products such as amortizing loans and flexible credit lines.
How The New Platform Started
Mikhail Gurevich, CEO of AltLending disclosed that the solution was created to meet the tremendous demand in the market for large loans and high-quality institutional level service.
The company said it saw a large number of companies come to it to request loans backed by blockchain assets. AltLending disclosed that some of the companies had done an ICO and were looking for working capital, some are miners that needed to finance their operations, and others are early adopters in need of funds to act as a bridge to large purchases.
The AltLending USP
With this new platform, AltLending will help blockchain holders unlock value without selling the underlying blockchain asset.
AltLending is a subsidiary of Dominion Capital, a New York City based investment firm. Dominion Capital, has been active in many traditional areas of capital markets, including equities and bonds trading, public structured credit, venture capital, and real estate.
AltLending brings years of finance and technology expertise to the blockchain space. Unlike most other lenders in the space, AltLending is not a peer-to-peer lender. It instead provides access to institutional capital which means that borrowers don’t need to wait days or even weeks to receive a loan.
The AltLending team is comprised of veterans that have successfully built technology startups, worked at large financial institutions, built and operated strong compliance and regulatory programs and transacted in over a $1 billion in direct principal investments.