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Peer2Peer Finance News | June 25, 2019

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Crypto P2P lender introduces new tokens for collateral

Crypto P2P lender introduces new tokens for collateral
Marc Shoffman

ETHLEND has added four new crypto tokens that can be posted as collateral by borrowers on the peer-to-peer lending platform.

Users were asked to vote on new tokens to add at the end of 2018.

The winners were Selfkey, which backs a digital identity platform, bank settlement software token Paxos – ODEM, which supports educational exchange, and ledger storage provider Quant.

Read more: FCA hails positive impact of P2P regulation for cryptos

“If you need a vacation, a car or have to pay your bills and you hold digital assets but do not want to sell them yet, ETHLend provides a solution for you to get liquidity in a different manner: taking a loan using tokens as collateral,” ETHLend said.

It comes after the lender revealed last month that it is in talks with peer-to-peer lending platforms in the UK about providing technology that will enable them to offer crypto-backed finance.

The crypto P2P lender – which lets borrowers request loan amounts and post other digital currencies as collateral as well as paying interest on the loans – has already started providing its software for a Swiss P2P platform called Cashare and is now working on an entry into the UK.

It also ran an initial coin offering last year, creating a tradeable LEND token that can be used to pay transaction fees.

Read more: ETHLend unveils launch of new parent company