BUDAPEST, Hungary, Sept. 18, 2018 /PRNewswire/ -- INLOCK, a crypto lending platform where licensed lenders can compete for borrowers who want to use their cryptocurrency as collateral for loans, announced today that it has signed a Memorandum of Understanding (MoU) with an institutional lending provider and entered a partnership with one of the Central and Eastern European Countries (CEE) region's biggest crypto ATM manufacturers to test its Minimum Viable Product (MVP). The company launched the ICO for its ILK token on September 15, the anniversary of the Lehman Brothers collapse.
The CEE region's crypto ATM manufacturer plans to integrate INLOCK's services into all of its machines, enabling users to directly take out loans and receive funding in cash within hours. The crypto ATM manufacturer will act as a matching service provider by forwarding customers to INLOCK.
"Before we can begin to talk about crypto reaching mass adoption, we first have to be able to spend it," said Csaba Csabai, CEO and founder of INLOCK. Since crypto can be such a volatile asset, people often hold onto it for future gains instead of spending it. INLOCK bridges this gap, and provides customers with the best of both worlds."
The ILK token (ERC-20) will become an integral part of INLOCK's ecosystem, serving as a proper utility token for customers to cover platform fees when taking out fiat loans with crypto collateral -- all contractual activities will require ILK tokens. Because the platform's usage costs are not deducted from collateral, borrowers can preserve the full value of their cryptocurrency upon repaying the loans.
INLOCK enables cryptocurrency holders to manage short-term liquidity problems by taking a loan in fiat and using their existing cryptocurrencies as collateral. When posting a lending request, lenders can offer loans with varied terms, and interest rates are kept low due to market competition among lenders.
After successfully raising $2.5M in a private presale earlier this year, INLOCK launched its ICO on September 15. You can participate by visiting its homepage.
INLOCK is a blockchain and smart-contract based platform that enables cryptocurrency holders to manage short-term liquidity problems by taking a loan in fiat and using their existing cryptocurrencies as collateral.