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Entrepreneurs and individuals who have been able to find opportunities and needed to raise capital have, so far, been depending on financial institutions.
As we enter the new age of information, the P2P lending industry is starting to show it is a promising one even though it is still relatively new.
According to Technavio’s Global Peer-to-Peer Lending Market 2016-2020 paper, the P2P industry is set to grow tremendously, at a compound annual growth rate of over 53% by 2020 from 2015.
The potential of this alternative financing market can further be seen in Asia Pacific, the Americas, and in Europe over the past few years.
The current P2P lending landscape, however, faces various problems that need to be addressed so the industry can grow further.
These include the need to trust the financing platform, the ability to enter a deal with proper protection, and a single platform that connects lenders and borrowers worldwide.
These problems are what iP2PGlobal, a new blockchain-based startup, is looking to solve with its new financing platform using ETH as its medium of financing.
iP2PGlobal is set to change the lending industry
iP2PGlobal is developing a unique, open blockchain-based platform that connects borrowers and lenders from all around the world, and that will use smart contracts to offer financing products based on sharia principles, according to the company’s CEO James Loy, who we spoke to.
These principles are related to ethical values of fairness, equality and morality in finance.
Loy further revealed that during their research, iP2PGlobal’s team found people from different walks of life who couldn’t afford traditional loans as the rates were extremely high in some countries, as traditional banks could get away with it.
Combining the best of traditional financial companies and blockchain-based smart contract technology, the company aims to make P2P financing work for everyone.
Apart from supporting Sharia finance principles, which resonate with everyone for their ethical values, iP2PGlobal also offers lenders safety nets.
Loy revealed: “We will have e-financing agreements in place to provide legal recourse to lenders in cases of defaults. Hence, we still ensure we operate within the law to provide protection to our users of the platform.”
Further, Loy listed a few of the platform’s features that will make it attractive for both lenders and borrowers. He said:
“We truly believe that this platform will fulfil the needs of both borrowers and lenders worldwide as there is yet a fully integrated platform like iP2PGlobal that has AML Compliance for both borrowers and lenders, credit scoring, global rates, e-financing agreements,debt collectibility and compensation fund.”
Apart from the possibility of legal recourse mentioned above to protect lenders in default situations, iP2PGlobal will also have a Takaful Reserve Fund.
If the recovery process is unable to retrieve the full amount from the borrower involved, lenders who had contributed to the fund will receive compensation from the fund.
To add to that, the company is issuing its own TWQ token and its pre-ICO is currently running.
Loy said the TWQ token is a pure utility token that will allow borrowers to access financing opportunities on iP2PGlobal’s financing platform.
Once the borrowers have fully repaid their financing, the TWQ tokens will be returned to them, which can be re-used for future financing applications.
The token’s pre-ICO will last until April 15.
In it, a total of 155,000,000 TWQ tokens are being sold, and investors can enjoy bonuses according to the table below.
As an attractive add-on, large purchase bonus for individual subscriptions above 50ETH will be entitled to a 10% additional TWQ tokens.
|TWQ PRE-ICO AND ICO TIMETABLE|
|Stage||Date||Maximum amount of TWQ for subscription||
|Pre-ICO 1||19 February to 4 March 2018||31,000,000||30%|
|Pre-ICO 2||5 March to 18 March 2018||31,000,000||25%|
|Pre-ICO 3||19 March to 1 April 2018||31,000,000||20%|
|Pre-ICO 4||2 April to 8 April 2018||31,000,000||15%|
|Pre-ICO 5||9 April to 15 April 2018||31,000,000||10%|
The token’s ICO starts on April 16, and will end on April 30.
The price for the TWQ token is 0.0002 ETH during both the pre-ICO and ICO crowdsales.
Re-shaping personal financing
iP2PGlobal’s myriad of innovations and solutions is set to reshape the way the world looks at P2P financing. By allowing people to lend to one another, the world can see amazing projects come to life, simply because an entrepreneur managed to get the funds he needed.
Users can refer to the project’s whitepaper for detailed information.
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The post iP2PGlobal, Set to Revolutionize the Lending Industry, Starts Its Pre-ICO of Its TWQ Token appeared first on Crypto Currency Online.
from Crypto Currency Online https://cryptocurrencyonline.co/ip2pglobal-set-to-revolutionize-the-lending-industry-starts-its-pre-ico-of-its-twq-token/