CoinLoan – CLT ICO Secure Cryptocurrency Asset Loan Lending?
CoinLoan is a platform for crypto-asset-secured loans. Find out how the platform works today in our review.
What Is CoinLoan?
CoinLoan, found online at CoinLoan.io, is a lending platform that lets you borrow money secured by crypto-assets.
The CoinLoan ICO is underway throughout September, October, and November.
Overall, CoinLoan aims to solve crucial problems in the lending industry for both borrowers and lenders. It wants to give fiat currency holders a way to generate an ROI on their funds, while also giving crypto-asset holders a way to transform their digital assets into fiat currency without liquidating their digital assets.
Keep reading to find out how CoinLoan works.
How Does CoinLoan Work?
The basic idea behind CoinLoan is that you temporarily relinquish control of your digital assets, then receive fiat currencies in return. The list of accepted fiat currencies at launch will include USD, EUR, GBP, CNY, JPY, RUB, CHF, PLN, and CZK.
You deposit the cryptocurrency into the CoinLoan platform. Then, you get a loan at once at up to 70% of the market value of your cryptocurrency funds.
The lender, meanwhile, deposits fiat funds into the platform in the hopes of earning interest on those funds. The lenders’ funds are used by the borrower, and the lender gets his or her money back at the conclusion of the loan, including any interest.
CoinLoan Features And Benefits
- Automatic Funds Management: CoinLoan lets you, the lender, formulate the terms and conditions of the loans. Then, the system will automatically estimate the market environment to create orders. After the loan is repaid, the system will continue creating orders.
- Flexible Setting of Loan Terms and Conditions: Lenders can individually specify terms and conditions for giving loans, giving them greater flexibility over how their money is used.
- No Risks: CoinLoan promises that investors will always get full repayment of funds for the loans they provided, including interest, with no delays.
- International Coverage: CoinLoan has a worldwide audience of borrowers, removing any borders in granting loans around the world.
- No Limits: The minimum loan amount is $50 USD, and the maximum amount and number of active loans is limited only by your budget.
- Multiple Currencies: Loans can be given in any available currency.
- No Obstacles: Any individual or legal entity can become a lender without any licenses.
- Reliability and Safety: Full legal status and protected infrastructure combine to provide total security over your funds. CoinLoan will also be licensed in Europe as a payment institute for additional investor security.
- Preserving Cryptoassets: With CoinLoan, there’s no need to sell your cryptoassets if you need fiat money.
- Convenient Ways of Depositing and Withdrawing Funds: Loans can be quickly withdrawn by a bank transfer or to any bank card.
- Virtual and Plastic Cards: CoinLoan lets you use a digital or physical card. The card will support Apple Pay/Samsung Pay (i.e. you can add your digital card into either one of these payment platforms). Or, if you choose, a plastic debit card can be delivered to any country in the world.
- No Credit Checks: There’s no need to check out the credit history and prove your payment capacity.
- Flexible Lending Terms and Conditions: Loans are customized according to each borrower, so there’s no “one size fits all” borrowing scheme. CoinLoan individually estimates risk and selects lending terms and conditions based on the user’s profile and requests. Ultimately, this allows users to get a loan under optimum terms and conditions.
- Fully Automated: All lending operations are performed automatically and immediately if offsetting orders are available.
- Refinancing of Obligations: CoinLoan gives users the opportunity to refinance obligations, allowing them to easily prolong the term of the loan.
- Individual Loan Management: It’s possible to close the loan at any time by liquidating (selling) a part of the loan at the current market price.
- Variety of Fiat Currencies: Loans can be obtained in any available currency.
- Support for Popular Cryptocurrencies: CoinLoan plans to support popular cryptocurrencies like bitcoin, Ethereum, and others, and they can be used for loan collateral.
Who’s Behind CoinLoan?
CoinLoan was established in Q4 2016, with development taking place throughout 2017. By Q2 2018, the company aims to complete the development of the platform core and officially launch the platform. Before the end of 2018, they hope to develop mobile apps for iOS and Android.
Key members of the team include Alex Faliushin (Founder and CEO) and Max Sapelov (Founder and CTO).
The CoinLoan ICO
CoinLoan is distributing CoinLoan Tokens (CLT) through an ICO. The main purpose of CLT is to pay fees for giving or getting a loan.
Investors who purchase tokens during the pre-ICO and ICO stages will be able to borrow loans secured by tokens without fees to the system. Additionally, token holders can reduce the interest rate of the loan by offsetting part of the rate with CLTs.
The pre-ICO is scheduled to begin on September 25. During the pre-ICO, tokens will be available at a fixed rate of 1 CLT = 1 USD.
The main ICO, meanwhile, is scheduled to launch in October (14 days after the conclusion of the pre-ICO).
The cost of 1 CLT at this stage of the ICO will vary from 2 to 8 USD, depending on the amount of investment raised.
There will be a total supply of 50 million tokens. 10 million (5%) of those are available in the pre-ICO. 25 million (50%) are available during the ICO. 15 million (30%) are available during the secondary coin offering (SCO), and 5 million (10%) are kept as a reserve for the team and advisors.
CoinLoan has set a minimum fundraising target of $3 million USD.
CoinLoan is developing a unique lending platform where you can borrow or lend money secured by crypto-assets. Basically, a borrower offers a certain amount of crypto-assets (including BTC, LTC, and ETH) as collateral. Then, they receive a fiat currency loan valued at up to 70% of the value of those digital assets.
Through this system, fiat currency holders can earn ROI (by charging an interest rate to borrowers), while borrowers can access fiat currency without needing to relinquish their digital assets.
To learn more about CoinLoan and how it works, visit CoinLoan.io today. The company’s ICO and pre-ICO are taking place throughout September, October, and November.