Another milestone comes true: INLOCK Token is listed on one of the largest crypto exchanges
On September 30, 2019, after nearly six months of preparation, the INLOCK project, a peer-to-peer lending solution, was listed on the Liquid by Quoine exchange, one of the largest Japanese crypto exchanges in the Asian region, with a daily turnover of $150-200 million.
INLOCK is a peer-to-peer lending platform; its customers can lend or borrow using their cryptocurrencies as a collateral. Thanks to this service, on the one hand, holders of cryptocurrencies can leverage the purchasing power of their crypto assets without having to sell them; on the other hand, INLOCK offers lenders the opportunity to offset the risks of their highly volatile investments through the service.
Instant loans are available from $100, or you also can get the highest interest rates on the market as a lender!
The project started in the last quarter of 2017. Public services are launched in January of this year, after two years of preparation. Since April the peer-to-peer lending feature has been open to anyone, where borrowers can take out overcollateralized crypto loans from lenders. The value of the platform-backed stablecoin (USDC) is pegged to the US dollar (USD) exchange rate and is backed by a bank-level guarantee, which guarantees its clients that they are not exposed to the volatility in the cryptocurrency market between lending and repayment periods.
Perhaps the most important event this year after the launch of the platform is the listing on the crypto exchange. At the end of 2018, the INLOCK team committed itself to launch the platform’s token on one of the largest exchanges within one year. The INLOCK platform’s token (ILK token) is also the internal asset for accessing services. The token is not only linked to the basic loan application function, but all of the existing and planned innovative new loan related features are based on the ILK token ecosystem. The goal of the development team is to provide innovative collateral and contract management capabilities that are unique in both the traditional and crypto-based lending markets.
During the process of listing, the INLOCK team examined several candidates, three of which were selected, the first being Liquid by Quoine (Liquid.com). Liquid was selected for the following reasons:
- First licensed operating Japanese cryptocurrency exchange.
- Liquid accounts for 60% of all Japanese yen-based cryptocurrency trading.
- In the past 5 years there have been no incidents involving client assets on the cryptocurrency exchange.
- Valued at $1 billion dollars, achieving Unicorn status
- According to an independent survey of Cointelligence, Liquid ranked first, ahead of well-known players such as Gemini specializing in institutional investors or Binance, which is very popular with daytraders.
- According to BTI, Liquid is one of the three cryptocurrency exchanges where 100% of its turnover comes from real, verifiable sources.
- According to the FINTECH100 report published by H2 Ventures and KPMG, it is Japan’s number one Fintech company, and it also ranks 29th in the global leaderboard.
According to Csaba Csabai, CEO of INLOCK: “We have been working on the listing of INLOCK token on the Liquid cryptocurrency exchange for almost half a year. Although the Liquid Exchange is not well known in Europe, its strong Japanese background allows us to move closer to the Japanese region, where cryptocurrencies are very popular, and their use is commonplace. Being listed on the Liquid cryptocurrency exchange is of strategic importance, as the vast majority of Liquid’s customer base – along with Japan – is from the US.”
The mission of the INLOCK platform is to provide short-term liquidity to clients who have crypto-based investments or revenues. It provides an alternative to selling crypto assets, avoiding, on the one hand, the loss of growth potential in their value and, on the other hand, rationalizing the burden of related taxes and other ancillary costs – which are extremely high in many regions.
INLOCK customers have managed over $2 million in collateral over the past five months through INLOCK’s platform for peer-to-peer lending. The service is used by thousands daily, thanks to a number of unique features on the platform:
- Fully automatic offer management system, where the borrower can access offers from hundreds of lenders.
- Once the offers are accepted, the disbursement is immediate, there is no lead time, and there is no credit review as all loans are secured.
- INLOCK operates a new generation of automatic collateral management systems which guarantee that the lender will get back the loan with interest, even if its collateral value falls below the value of the loan used.
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