TomoChain, a Singapore-based cryptocurrency exchange platform, is reportedly set to launch a new peer-to-peer lending feature this weekend through its newly launched TomoDEX platform.
Founded in 2017, TomoChain claims to be the “most effective” platform for the token economy. The platform reported that its mission is to be a leading force in building the Internet of Value, designing its infrastructure, and working to create an alternative financial system that is more secure, transparent, efficient, inclusive, and equitable for everyone.
“TomoChain is envisioned to be a public chains that supports instant confirmation, near zero transaction fee, and smart contracts via a system of 150 Masternodes which will be an ideal solution for decentralized apps, token issuances and token integrations for small and big businesses alike. Security, stability and chain finality are guaranteed via novel techniques such as double validation, staking via smart-contracts and randomization processes.”
According to Cointelegraph, Long Vuong, CEO of TomoChain, stated the new P2P lending feature will require a “trusted custodian.” Vuong further explained that all functionality is handled through auditable smart contracts and secured by the TomoChain blockchain.
“The P2P lending service uses a unique and familiar spot trading order book approach to provide fix-term USDT loans of 1, 7, 30, and 90 days based on interest rate and position. Borrowers can flexibly back they loans through a choice of collateral too, including BTC, ETH, and TOMO.”
Vuong then added that TomoDEX is a facilitator that does not custody user funds or manage user accounts in any way unlike that of a traditional centralized exchange, so the onus is on the trader to be responsible for reporting gains and losses in their local jurisdictions.