Pre-sale beginning on the 9th March is allocated 45 percent of total LND tokens
Lendingblock, the first cross-blockchain securities lending platform for cryptocurrency, has today announced that its ICO pre-sale will go live at 15.00 GMT on the 9th March 2018, ending at 15.00 GMT on March 30th. 450,000,000 LND tokens will be allocated during the pre-sale, which is 45 percent of the total available, including the 20 percent bonus. The pre-sale follows the successful private sale that closed on the 27th January, raising $500,000k, and ahead of the main sale of the ICO, scheduled for the 23rd March 2018. The pre-sale is capped at $7.5m worth of tokens.
Lendingblock is an open exchange for borrowing and lending crypto-currencies and digital assets. It is unique in allowing borrowers and lenders to enter into fully collateralised crypto vs. crypto-lending agreements, across blockchains. Lenders can earn incremental interest income on their long term investment in digital assets, while borrowers can use their digital assets as collateral to enable borrowing to support shorter term trading, hedging and working capital needs.
“Essentially, Lendingblock is creating a parallel financial service for the crypto economy to securities lending in traditional capital markets, a market that has $2trn of assets on loan and generated $4bn of revenue in 2017,” said Steve Swain, co-founder and CEO of Lendingblock. “We believe that the market for securities lending will be replicated in the blockchain asset economy, particularly in light of the continued growth in value of the crypto-asset market and the entry of institutions and funds. Lendingblock is designed to facilitate this growth of securities lending in the crypto economy.”
The LND token plays a critical part in the Lendingblock ecosystem, functioning as the sole medium for payment of interest by borrowers to lenders, and as the sole medium for payment of Lendingblock platform fees. The use of a common cryptocurrency will simplify the receipt and payment of interest, and reduce the cost of exchange fees that would otherwise be incurred. It will also enable a significantly simpler technical solution to meet the operational processing requirements of a loan, reducing complexity, risk, and expense, which would otherwise be passed on to platform users.
Total supply of the LND token is permanently capped at 1,000,000,000 LND, of which 600,000,000 (60 percent) will be distributed during the three phases of the token sale. [150,000,000 (15 percent) will be retained as a strategic growth and investment fund. 200,000,000 (20 percent) will be distributed to founders and team and subject to vesting over two years. 50,000,000 (5 percent) will be distributed to advisors and supporters, and not subject to a vesting period.]