Crypto lending platform INLOCK announced in a press release that it has signed a Memorandum of Understanding (MoU) as well as entered a partnership with Central and Eastern European Countries (CEE) region’s largest crypto ATM manufacturer to put its Minimum Viable Product (MVP) to the test, September 18.
To enable users to directly pull out loans and get fundings in cash within hours, the CEE region’s crypto ATM manufacturer intends to integrate INLOCK’s services to all of its machines. According to the release, the crypto ATM manufacturer will serve as a matching service provider by pushing customers to INLOCK.
The volatility of crypto assets makes most people hold onto it as investments instead of spending it. INLOCK frees cryptocurrency owners from this constraint, INLOCK CEO and Founder Csaba Csabai noted.
“Before we can begin to talk about crypto reaching mass adoption, we first have to be able to spend it.”
The ILK token, based on the standard ERC-20, will become a vital part of the platform’s ecosystem. It will act as a utility token for customers to cover platform fees when taking out fiat loans with crypto collateral wherein all contractual activities will call for ILK tokens. In turn, borrowers can retain the full value of their cryptocurrency upon paying the loans. This is because the platform’s usage cost are not taken from collateral.
INLOCK empowers cryptocurrency holders to manage short-term liquidity problems by simply taking a loan in fiat and using their current cryptocurrencies as collateral. Through its blockchain and smart-contract based platform, lenders can also offer loans with varied terms when posting a lending request. What’s more is that interest rates are kept low because of market competition among lenders.
Csabai stated that he has always been an advocate for the global adoption of crypto in a report wherein they welcomed Bitcoin.com’s COO Mate Tokay to their advisory board. The CEO continued, saying he and Mate “have aligned on a common mission – to create a solution to its biggest issue: spendability.”
Hooked on the latest blockchain news? Itching to get the newest deets on your favorite crypto? No problem! Here, check out our most current crypto news, fresh from the oven.