ASMX Pro set to launch by October
Ablrate has used its ASMX technology to complete 90,000 trades worth £11.55m and plans to launch a pro version of the blockchain-based secondary market by October.
The peer-to-peer lending platform said the technology – which has only been used for its own secondary market since its October 2020 launch – has completed 10,000 trades via an algorithm that is getting a little smarter every day.
David Bradley-Ward (pictured), chief executive of Ablrate and ASMX, said his team aims to launch ASMX Pro, which he is calling Investing 3.0, by October this year.
He did not disclose what the pro version will offer, but has previously told Peer2Peer Finance News that his team is working on providing more liquidity and will charge a 0.25 per cent transaction fee for both the buyer and seller once this benefit is felt. ASMX also plans to partner with alternative lending platforms, including other P2P platforms.
Read more: ASMX in discussions to partner with a European P2P platform
“It essentially has been a beta test of tech with Ablrate and has shown how effective it has been,” he said.
“The wider world of blockchain and implications of it is very revolutionary technology and a lot of things will be changed because of it. There are various advantages to be gained, not only from a technological and investing perspective but a regulatory perspective.
“What we have in the pipeline will solve transparency and customer protections, a lot of what the regulator perceives to be wrong with P2P.
“That’s what we’ve been working on and should be able to launch along those lines by October and see if it takes off but we’re pretty confident it will hit the nail on the head.
“We’ve reimagined how the P2P market will be done and have done a whole new business for that ASMX Pro product.”