CoinLoan: The Story of Creating The Platform
The best business is the one which solves the problem. The history of creating CoinLoan begins in 2016. If to analyze the charts of cryptocurrency development, in particular, the Bitcoin rise diagram, it should be mentioned that 2016 was the beginning point of rapid cryptocurrency value increase. At the beginning of 2016 the value has reached the point of $1000 for the first time.
But let’s deal with an earlier history. One friend of the platform co-founder is a crypto-enthusiast. He has been contributing his savings into cryptocurrency many years before the value growth. The value was increasing, but not rapidly, and, as it often occurs, over time he urgently needed the money contributed into cryptocurrency. He has sold the cryptocurrency and in several months the Bitcoin value has raised twice and later — trice. Now the Bitcoin value is $7500.
Was it a pity? This word does not even show all the full range of emotions. But if one person faced this problem, according to the statistics every tenth had more or less suffered from it. This situation led to the idea of creating a platform where everyone who urgently needs fiat currency does not have to sell his/her cryptocurrency, but use them as a collateral which s/he can return.
Before CoinLoan appeared, the most popular way to get fiat currency for crypto-assets was to sell the asset at the exchange. It’s economically impractical because the cryptocurrency can increase significantly in a week so that the holder will lose a rather big amount. Our platform offers an alternative. Using it a cryptocurrency, the holder can borrow a fiat loan secured on his/her crypto-asset. The collateral will be stored in the safe CoinLoan system before the loan period ends. After repaying the loan with interest in the term agreed, the borrower will get back his/her crypto-collateral in full amount.
The system guarantees minimal risks for the lender. The crypto-collateral of every lender is stored in the CoinLoan system and if the borrower does not repay the loan, the system will sell the crypto-asset and returns the loan principal and the interest to the lender in full.
Currently, the platform is on the stage of active development. We are preparing to enter the market in Q2 2018.
In mid-November, 2017, CoinLoan will begin the ICO. Tokens purchased during the ICO will be a great advantage for ICO participants after launching the platform as the service fee will be paid in tokens. The token price on the ICO will start from $2 and rise to $8.