INCOME LOCKER (INLOCK) announced on Wednesday the global launch of its cryptocurrency lending platform and opens whitelist registration for its upcoming token sale on September 15th. Founded earlier this year, INLOCK reported that founders seek to design a secure and transparent marketplace to serve as a gateway for institutional investors to the booming cryptocurrency market. The company explained:
“The potential risk for crypto backed loans from the lender’s perspective is almost identical to that of a bank deposit, but with higher profit potential. The lending model eliminates the need for additional credit assessment because the borrower provides the collateral in the form of crypto assets. This system offers rapid and flexible convertibility and uses smart contracts to ensure a level playing field between borrowers and lenders. Now borrowers can choose the most competitive offers from lenders without having to sell their cryptocurrency to finance a temporary liquidity problem.”
INLOCK also reported that, excluding interest payments, the platform’s users will pay every cost in ILK tokens. The platform usage costs are not deducted from their collateral, therefore they are able to preserve the full value of their crypto upon repaying the loan. The ILK Token (ERC20) will also govern the relationship between lenders and crypto holders, with 4.4 Billion tokens available for purchase at a rate of $1 for 100 ILK. While sharing more details about the platform, Csaba Csabai, CEO and Co-Founder of INLOCK, stated:
“INLOCK provides a new and powerful way to unlock the purchasing power of Bitcoin and other digital currencies while retaining the price at which the borrower collateralized it. The INLOCK platform is especially beneficial for those who could not previously access loans, in addition to consumer segments that make few bank transactions and lack a good credit score.”
CMO and co-founder Peter Gergő added:
“INLOCK enables institutions to enter new markets, which because of red tape and other restrictions previously prevented capable lenders from offering their funds to suitable borrowers. INLOCK is the first lending platform where being fully compliant with existing regulations is the top priority from day one.”
INLOCK is regulation compliant in the EU. The company noted that once the platform is launched sometime in October, the timetable for launching in other regions is as follows:
- 2018 Q4 – LATAM region (headquarter offices)
- 2019 Q1 – USA and Canada (headquarter offices)
- 2019 Q3 – SEA (South-East Asia) region (headquarter offices)