INLOCK Addresses the 'Spendability' Issue in Digital-Currency Holdings; Whitelist Registration for its Initial Coin Offering Opens Today
BUDAPEST, Hungary, Aug. 1, 2018 /PRNewswire/ -- INCOME LOCKER (INLOCK), a platform where licensed lenders can compete for borrowers who want to use their cryptocurrency as collateral for loans, today announced its global launch and the opening of its whitelist registration for an upcoming token sale on September 15. The whitelisting secures early registration on August 1 for those who wish to receive updates and announcements regarding the ICO.
INLOCK's founders seek to design a secure and transparent marketplace to serve as a gateway for institutional investors to the booming cryptocurrency market. The potential risk for crypto backed loans from the lender's perspective is almost identical to that of a bank deposit, but with higher profit potential. The lending model eliminates the need for additional credit assessment because the borrower provides the collateral in the form of crypto assets. This system offers rapid and flexible convertibility and uses smart contracts to ensure a level playing field between borrowers and lenders.
Now borrowers can choose the most competitive offers from lenders without having to sell their cryptocurrency to finance a temporary liquidity problem. Excluding interest payments, INLOCK platform users will pay every cost in ILK tokens - platform usage costs are not deducted from their collateral, thus they are able to preserve the full value of their crypto upon repaying the loan.
The ILK Token (ERC20) will govern the relationship between lenders and crypto holders, with 4.4 Billion tokens available for purchase at a rate of $1 for 100 ILK. Investors are invited to register for the token sale at https://ico.inlock.io.
"INLOCK provides a new and powerful way to unlock the purchasing power of Bitcoin and other digital currencies while retaining the price at which the borrower collateralized it," said Csaba Csabai, CEO and co-founder of INLOCK. "The INLOCK platform is especially beneficial for those who could not previously access loans, in addition to consumer segments that make few bank transactions and lack a good credit score."
With INLOCK, long-term cryptocurrency holders can have the best of both worlds; they can maintain ownership of crypto while accessing the value of their digital assets, solving the spendability problem for billions worth of crypto. On the INLOCK platform, banks and licensed financial institutions compete for these customers, creating strong market competition and ensuring that interest rates remain as low as possible.
CMO and co-founder Peter Gergő added, "INLOCK enables institutions to enter new markets, which because of red tape and other restrictions previously prevented capable lenders from offering their funds to suitable borrowers. INLOCK is the first lending platform where being fully compliant with existing regulations is the top priority from day one."
For more information and additional updates, please visit the official INLOCK website and join our Telegram channel. You can also learn more about the INLOCK executive leadership team and test out our beta platform.
About INCOME LOCKER (INLOCK)
INCOME LOCKER (INLOCK) is a blockchain and smart-contract based platform that enables cryptocurrency holders to manage short-term liquidity problems by taking a loan in fiat and using their existing cryptocurrencies as collateral. The company was founded in 2018 by a team of fintech experts in Hungary with the goal of building up solutions for various use cases between the traditional and crypto-asset based financial world. For more information, please visit www.inlock.io.