Killing Banks — A Financial Crypto Startup MoneyToken Announced 0% Loans and Token Burn This Wednesday
MoneyToken crypto-backed loans platform has announced making zero-interest loans available for everyone.
From 12th September onward, anyone will be able to join the MoneyToken platform and get a loan under a 0% interest rate.
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To get a zero interest rate crypto-backed loan on the MoneyToken platform, users are required to purchase a special membership that allows for zero-interest conditions. It can be purchased with IMT tokens, which users can easily find on various partner platforms like CoinSuper, BitForex, IDEX, etc.
All IMT tokens spent on the purchase of memberships will be burned.
MoneyToken.Com is a new kind of lending platforms which allows users to borrow liquid funds instantly, based on the current value of the cryptocurrency asset holdings. Users can take out a loan, collateralized with more volatile assets like Bitcoin or Ethereum; in return, they receive the agreed loan amount in stable currency.
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“Since your ownership of the blockchain-based asset is verifiable, and the value is transparent to the market, you don’t need to undergo invasive and unnecessary credit checks — there is nothing added to your credit history or any public credit file. Equally the loan decision can be made almost instantaneously — there is no need for MoneyToken to make extensive evaluations of the market value of your assets (unlike, for example, as happens if you remortgage a property).”
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Alex Rass, co-founder MoneyToken
When the time is up for the loan, and after you repay it fully, you get the whole sum back, even if the BTC has increased value-wise a lot during this time. Consequently, for people holding their crypto waiting for a better price to sell at, or never intending to sell at all, this kind of system is a life-saver.
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The platform is gaining popularity among crypto traders, miners, token sale projects that raised in ETH and don’t want to spend their crypto, being waiting for better price.
‘Our priority at the moment is to shed some light on how the platform actually operates for the members of our community, offer hands-on experience so to speak, so that everyone would gain some positive impressions of crypto relations’, — says Jerome MacGillivray, co-founder of MoneyToken.
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There are currently several players on the market of crypto-backed lending, but it’s pretty apparent that MoneyToken can be ranked first for now, if you keep in mind how quickly the platform jumped to the top and the amount of updates on their advances we seem to be getting.
Note: Recently the team has announced that Roger Ver, founder of Bitcoin.com, has joined their advisory board and also the issuing loans in a new USDC Stablecoin from Circle, which is backed by Goldman Sachs and BitMain.
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A sneak-peek behind the scenes: recently one of the most famous youtube journalists has visited the office of MoneyToken:
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