eCoinomic.net Fiat Loan System Backed By Cryptocurrency

Juni 12, 2018

Cryptocurrency is predicted to hit the 1 billion dollar mark by 2020. Although the total value of cryptocurrency currently stands at 290 million, experts forecast an exponential growth in later years. In fact, the daily cryptocurrency transaction volume has skyrocketed from just 100 million dollars in 2017 to over 6 billion dollars today. Surprising, right? Blockchain technology has definitely surpassed the expectations of most trend analysts. It's no surprise that the financial industry has taken note of the rapid development of blockchain. This observation has to lead to the incorporation of cryptocurrency into banking and finance. Although, there are still some uncertainties surrounding cryptocurrencies, due to harsh government policies. Nevertheless, massive projects are being carried out on cryptocurrency by financial institutions. A typical example is eCoinomic.net provision of fiat lending backed by cryptocurrency. Most financial institutions require tangible collaterals when securing loans, or perhaps, they require an attractive credit profile before they can give out loans. To solve this, eCoinomic.net aims to use cryptocurrencies as a novel type of collateral in order to transform the market of secured loans.
Why eCoinomic.net

It's common knowledge that digital assets are not widely acknowledged as financial assets, and therefore cannot function as collaterals. This reason stems from the high liquidity rates associated with cryptocurrencies. This creates problems for holders of digital assets, as they may require loans to secure mining equipment and improve their living conditions. On the other hand, they may also seek to significantly increase the value of their cryptocurrency by preserving it for a short time. As mentioned earlier, creditors don't collect cryptocurrencies as collateral. Therefore, this platform will serve as an intermediate service between the individual (borrower) and financial institutions (lenders). eCoinomic.net acts as the guarantee for financial institutions, i.e; this platform will take full financial responsibility for the loan, and it will eliminate all risks associated with a lending process. In addition, this platform brings more liquidity to cryptocurrency by attracting low-risk investments from financial institutions.
Benefits of eCoinomic.net
This platform is completely changing the concept of cryptocurrency by offering a trustworthy and stable platform that offers a simple and efficient way of procuring fiat loans. So, let's take a look at the different benefits offered to clients by this platform.
Accepts Multi-Currency. On this platform, various cryptocurrencies will be accepted as collateral. These include Ripple, Bitcoin, Ethereum, NEO, lite coin, DASH, ADA, and EOS. The following currencies will be available for loans; JPY, USD, EUR, and GBP.
Fast fiat currency transactions. This platform will corporate with numerous payment platforms in order to make this possible. This collaboration will result in fast fiat transactions.
Increased transparency. This platform utilizes smart contract to regulate the methods of liquidating, returning, and collateral blocking. Furthermore, it's smart contract ensures that loan obligations are fulfilled. Therefore, it ensures the protection of the investment of the owners of both concerned assets; crypto assets and fiat funds.
Lastly, this blockchain platform will be audited by top blockchain security experts before launch, and the results will be made public for every user to access.