LOCKING, a lending platform for cryptocurrency holders, has partnered with Bitcoinist to help educate the public on the issue of spending and how cryptocurrency-backed loans can bring stability to the global economy.
Lending is a vital function of any monetary system, including cryptocurrencies. By partnering with Bitcoinist, the INLOCK lending platform seeks to raise awareness of a key barrier to the use and adoption of cryptocurrencies, namely spending.
“We have already cooperated with Bitcoinist: a helpful and professional company” said INLOCK CMO Peter Gergo. “I’m confident that through their network, the reach will raise awareness of the expense problem and our solution. “
INLOCK allows cryptocurrency holders to deal with short-term liquidity issues by taking out a loan, using their crypto-currencies as collateral, it doesn’t matter where the price goes. On the other hand, accredited lenders can use it to provide risk-free loans to cryptocurrency holders and collect interest, a win-win situation for both parties.
“Loans drive growth in any economy,” said Norbert Radoki, CEO of Bitcoinist and media advisor to INLOCK. “So we are fans of what INLOCK is doing. Their service adds value to the cryptocurrency ecosystem by providing holders and businesses with instant access to liquidity. “
Since the cryptocurrency can be converted into local fiat currency immediately, the risks to the lender are almost the same as a bank deposit. In other words, the borrower turns their cryptocurrency into cash, while institutional investors can be lenders on their own terms.
“INLOCK is a solution to a common problem that most of us face on a daily basis. The need for such a situation is obvious and indisputable, ”explained INLOCK CSO Benedict Banathy.
“With Bitcoinist, we are in good hands”
Bitcoinist will explain why spending is a key issue that needs to be addressed for cryptocurrencies to become mainstream. INLOCK’s approach will also be compared to similar platforms like Ethlend, Nexos and SALT.
INLOCK CEO Csaba Csabai explained:
Writing about complex projects like ours requires a deep understanding of technology and economics and their diverse contexts. Finding the right communication channels is a challenge in the world of ICOs – now more than ever – with Bitcoinist we are in good hands.
Banathy also adds that while taking out a loan is a fairly straightforward process, the complexity of the service on the surface “might scare” off potential users. Therefore, he stresses that the success of this project will depend on “communication with the utmost precision”.
“Bitcoinist with many years of experience will ensure that these communication challenges are overcome with ease and professionalism,” he adds.
[Full disclosure: The author of this article is a supporter of the given project and is a holder of ILK tokens.]
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Images courtesy of Shutterstock, inlock.io