Checqit is a lending platform built on the Ethereum network and CQT tokens. find out how it works today in our review.
What is Checqit CQT?
Checqit claims to be the world’s smartest, decentralized, peer-to-peer lending platform.
The platform allows users to provide collateral in exchange for a fast loan. The ecosystem is built on the Ethereum blockchain and relies on CQT tokens for all loans. You provide standard cryptocurrencies as collateral for a loan, then receive CQT tokens in return.
The token sale for Checqit begins on February 21, 2018.
How Does Checqit Work?
Checqit aims to connect investors or lenders (people who want to invest their money) with borrowers (people who need a loan for a personal or business project). The Checqit platform allows investors to lend CQT tokens to borrowers, then get rewarded with an interest rate starting at 3.99% per year.
Checqit also has a system allowing investors to use its platform to hold CQT tokens in exchange for daily returns on the Checqit wallet or Checqit card.
The Checqit wallet and card allow you to hold CQT tokens. You can use your physical Checqit card to withdraw a desired amount of fiat money in any ATM. You can scan your iOS or Android Checqit wallet into an ERC20 token friendly ATM to withdraw your money in less than two minutes.
The Checqit card will be available in both physical and virtual formats. You’ll have different spending limits depending on the amount of CQT in your wallet.
All transactions on the Checqit platform will be charged a 0.5% fee. The Checqit card will offer 0% spending and exchange fees, with an initial issuance fee of 100 CQT and an annual fee of 50 CQT. ATM fees will vary depending on your location.
The Checqit CQT ICO Token Sale
The Checqit token sale for CQT tokens began in February 2018. Of the total supply of tokens, 55% are allocated for the public ICO. The remaining tokens are reserved for the Checqit core team (25%), future expansion (13%), a pre-sale period (6%), and bounties (1%).
The pre-sale is scheduled for February 21 to March 21. During the pre-sale, 1 ETH = 28,000 CQT. You can contribute with BTC, ETH, LTC, BCH, and BTG, with a minimum purchase of 0.01 ETH required during the pre-sale.
The main token sale, meanwhile, is scheduled for March 24 to April 21. Tokens will be sold at a rate of 1 ETH = 20,000 CQT, although bonuses are available throughout the token sale.
Who’s Behind Checqit CQT?
Checqit is led by founder and CEO Nassim Benzekri, a serial entrepreneur with practical experience in business strategy, mechanical and software engineering, and project management. He has been a crypto evangelist since 2011, and previously worked as a professional stock trader until entering the crypto world in 2013. He’s also a smart contract developers specializing in Solidity on Ethereum. You can view Nassim’s LinkedIn profile here.
Other listed members of the team include Gabriel Lemay (Executive Director) and Youssef Atrassi (Infographist and Business Development Manager).
Checqit is based in Canada.
Checqit CQT ICO Conclusion
Checqit aims to connect borrowers and lenders together using Ethereum-based smart contracts. It’s a lending platform where lenders can offer CQT tokens for a loan, and borrowers can stake cryptocurrencies as collateral.
Why would someone pay to borrow CQT tokens? I’m not really sure. However, Checqit claims it will be useful for those who need to borrow money for personal or business projects. You can theoretically exchange CQT tokens for cash or other cryptocurrencies.
The token sale for CQT tokens starts in February 2018. As with any lending program online, it’s important to be skeptical – especially since Checqit mentions things like “daily returns” and the fact that CQT tokens are expected to rise in price over time. You can learn more about the platform by visiting online today at Checqit.io.