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We hear about Blockchain-based lending solutions every now and then. The reason is that they are the future of the banking industry. We have tried and tested the centralized, overconsolidated banking again and again. It is clear that it is based on a rigged system and always causes problems for the entire economy. The 2008 financial disaster is still fresh in our minds, and while the current bailout packages worked for the time being, it is important to realize that the future lies away from centralized banking even if fiat currencies remain in the equation.
But how do we bank in cryptocurrencies? It is extremely difficult to loan them out directly, as their prices can double or halve in a matter of days. It is a global consensus that in case of banking, cryptocurrencies can only be used in some form of adjustment with fiat currencies like the Dollar, Euro, and Pound. But, this also raises the issue of seeking a guarantee against loans in a decentralized banking marketplace involving P2P loans.
EthereCash, a new blockchain-based lending and financial services platform has apparently resolved all of these problems using their unique approach.
So what they do is, instead of asking for collateral relying on some trust ranking, they keep things extremely simple. They let one borrow fiat money against the currencies in one’s crypto wallet. One can take up to 80% loans in lieu of one’s token worth in his wallet.
This is a win-win situation for all parties involved. The lenders get money back with interest, while borrowers don’t have to put any asset in the form of surety or sell their precious cryptocurrency now when it could be worth a lot more in the future.
They just deposit the fiat currency they borrowed, plus interest, and their locked crypto assets are made accessible again. It is that simple. This innovation will directly help them challenge the prevailing models of the P2P currency lending both centralized and decentralized blockchain-based versions.
There are various other useful services being offered by the new EthereCash platform. They include lawyer-backed transparent platform with no potential legal issues, cryptocurrency debit cards, ability to discuss one’s own lending rates, ATM debit card that offers multi-crypto storage, fiat currency withdrawal, global acceptance and many other features that are like by investors.
Simplicity, practicality and transparency are the major attributes that are likely to make EthereCash a successful platform.
EthereCash’s main token sale is currently ongoing and is slated to run from 15 November until 19 December, 2017. The crowdfunding target is at $100 million and if it the target is achieved, the token sale could become the most successful crowdfunding campaign of the current calendar year.
The total number of coins for the token sale is set at 144 million Etherecash tokens. Accepted currencies are BTC and ETH. A major portion of the funds raised will go into the development of the new platform.