The Hive Project announced last week the launch of its cryptocurrency-based invoice financing platform. This news comes just days before the company launched its ICO. The company boasts itself as the first cryptocurrency invoice financing platform. It notably provides new financial liquidity to small businesses by leveraging blockchain technology and giving them a range of cryptocurrency-based financing options.
“Hive (HVE) uses blockchain (distributed ledger) technology to give every issued invoice a unique fingerprint. This enables businesses to automate the invoicing process and make it available to the general public. We create a central data room for all invoices, with a record kept of the issuer, owner and payer. Invoices can therefore be offered to the market for trading. This will rapidly increase the liquidity available to small businesses and create a central database of invoices available for scoring and auditing. In addition to bridging the liquidity gap for small businesses, the technology provided by Hive will help credit checks to be made on companies and facilitate rapid and real-time auditing.”
Speaking about The Hive Project’s goals, Jure Soklic, CEO and co-founder, reportedly stated to Fineextra:
“We want to help small businesses solve their liquidity issues by leveraging blockchain technology to provide financing options previously only available to large companies. Our platform will dramatically streamline invoice issuance and settlement processes, optimizing small and medium-enterprises’ ability to access liquidity for day-to-day operations and to finance expansion.”
Richard Titus, Advisor to Hive Project, added:
“The Hive Project helps small businesses automate invoicing and payments, delivering the benefits of blockchain innovation to commercial entities previously deprived of ready access to finances, Hive Project’s end state, a marketplace with advanced trading analytics for peer-to-peer lending, will rapidly increase the liquidity available to small businesses and expand today’s often mercenary ecosystem of factoring and lending.”
The Hive Project is currently seeking to secure initial capital of BTC 2,000 through its crowd sale, which is scheduled to run for the next six weeks.