Cereal is a platform offering credit products that are secured by customers’ mining equipment, cryptocurrencies, and other blockchain assets. Thanks to Cereal there’s no need for borrowers to sell their valuable blockchain assets in order to access fiat money. Instead, they can secure their crypto assets as collateral, in order to receive cash for the purpose of covering their business and living expenses.
Cereal will store its customers’ collateral in cold wallets, thus ensuring a high level of security and preventing bad actors from gaining access to the borrower’s assets. Cereal’s has automated solutions for calculating the maximum loan that customers are eligible for and doesn’t need to check client’s credit scores. This makes Cereal incredibly convenient and hassle-free for borrowers.
They have announced the launch date of the CRL token public sale on July 15, 2018.
With an aim to capture the emerging $30 billion cryptocurrency-secured loan market, Cereal was founded by Sergey Vart and is set to pilot in 2018. The platform will introduce users to enhanced liquidity and eased access to fiat money, by providing asset-based loans and directly connecting financial companies with crypto enthusiasts.
He explained his position by saying:
“With the adoption of blockchain technology, comes a chance to reinvent the traditional asset-based lending experience, streamline scoring procedures, and, eventually, empower the new wave of crypto enthusiasts. With the Cereal platform, we aim to create a decentralized asset-based lending network that will seize upon previously untapped opportunities for cryptocurrency market participants and will focus on cryptocurrency-secured loans together with loans secured against mining rigs. To power the platform, we have partnered with Giga Watt, the world's first full-service mining solution provider, prior to the start of the public sale.”
Cereal has nearly completed its private sale. Seeking to raise up to $20 million of funding, the firm will conduct the public sale of CRL utility tokens, starting July 15 and closing on August 30, 2018.