Asset-backed peer-to-peer lender Ablrate has launched its new secondary market, powered by blockchain-backed exchange ASMX.
The new exchange, which has ambitions to become a global market for trading private debt, has replaced sister company Ablrate’s previous secondary market from this morning. Ablrate says that the technology will boost liquidity for investors.
On the exchange, investors can search for loans and filter them by interest rate and remaining term.
They can also see brief credit information on loans, their size and the number of remaining payments needed. Bids and offers are now accepted automatically.
After two years of developing ASMX, Ablrate said that it is still not finished, as it is calling for feedback from investors and will add new features and tools.
“As with any new piece of technology there will probably be issues and we would really appreciate it if you would let us know if you encounter any,” Ablrate said in an email update to investors.
“We have built much of Ablrate on your feedback and we value it very much and the new loan exchange will be no different.
“It will change as we add in new features and tools, but we know that a community that has traded £47m through our previous exchange will have plenty of feedback for us.”
Last Thursday, Ablrate closed its secondary market in preparation for launching and integrating ASMX into the platform this week.
ASMX was originally set to launch in mid-March, but this was delayed with the platform undergoing testing and considering adopting a black box model in June.
In July, the launch was delayed again after Ablrate’s staff encountered a technological issue that they were fixing.
David Bradley-Ward, chief executive of the platform, then said he was aiming for a September launch for ASMX and said that it will only charge a 0.25 per cent fee once the benefits start to come to fruition.
He said the technology will only be available to Ablrate investors to begin with, before branching out to other platforms , with the aim of standardisation within the sector.