Cryptocurrency lending platform’s ICO sold out just four days into the main sale
Lendingblock, the open exchange for cryptocurrency loans, today announces it has successfully raised its target $10 million in its token sale. The ICO reached its market cap just four days into the main sale, as investors flocked to the project.
Steve Swain, CEO of Lendingblock, commented: “We are delighted to have already met the target for our token sale, thanks to the support of investors who believe in our project. This will ensure we are well positioned for growth as we move towards launching our exchange this summer. Lendingblock has had a great reception among both the cryptocurrency community and institutions, and we are excited to move onto the next stage of development.”
Lendingblock is the first company to bring cross-blockchain securities lending to the crypto world, enabling borrowers and lenders to specify the digital asset they need or are willing to loan. It 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. It will launch its exchange in Q3 this year.
The LND token, which is ECR-20 compliant, functions as the currency of use within the Lendingblock economy. Interest payments for loans paid by borrowers and received by lenders will made using LND. Lenders can use earned LND to pay interest on loans of their own, or sell the LND in a secondary market to other borrowers. The LND token will list on the HitBTC, one of the most advanced cryptocurrency exchanges, from May 2018.
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“The past few months speaking to investors and engaging with the cryptocurrency community has been a great learning experience,” said Linda Wang, co-founder of Lendingblock. “We began the project by building a strong team and creating a forward-looking plan that addresses the needs of the crypto-market today and the challenges of tomorrow, such as regulatory changes. I believe this is what has contributed to the strong support we have received from investors, and it puts us in a brilliant position as we move towards project launch.”