MoneyToken – Lending Platform where Crypto is Collateral
MoneyToken is a lending platform whereby lenders are matched with borrowers. Borrowers can avail of loans by issuing cryptocurrency as collateral. Lenders with a minimum of $100,000 in capital can earn an interest rate by loaning their capital on the platform.
Documents for MoneyToken claim that an artificial intelligence platform is responsible for matching the loans. The artificial intelligence technology is noted to make it possible to issue loans with lower commissions and in a more efficient and fast manner.
MoneyToken completed an ICO in June of 2018 where they raised $36.2 million. IMT token was issued as part of the ICO as an ERC-20 token on the Ethereum blockchain.
IMT tokens act as discount tokens whereby token holders avail of discounted interest rate fees when paying back loans. Roger Ver, the owner of Bitcoin.com and a prominent figure in the cryptocurrency industry, was one of the advisors for the ICO.
MoneyToken have an active blog and a strong social media presence. The company has over 27,000 followers on Twitter and over 24,000 members in their Telegram channel.
- Enables borrowers to avail of fiat-currency loans through issuing crypto as collateral
- The token is issued on the Ethereum blockchain
- Loans are matched fast with low commissions.
- The company is still early in operation