Just a few years ago, the mainstream public viewed Bitcoin as some obscure medium of exchange used on the black market
Lending Crowd Genie to Build Blockchain Asset Exchange
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P2P Lending Expands
Peer-to-peer lending has become the best way to finance debt, enabling loan seekers and providers to borrow or lend without an intermediary.
The process also provides a faster system of authorization compared to the traditional lending industry.
As peer-to-peer lending revolutionizes much of the finance industry, Crowd Genie, a Singapore registered P2P lending platform, presents its vision for an Asia-wide blockchain asset exchange with an ICO this month. The entire ecosystem consists of three parts – Digital Passport, Tokenized Lending and Asset Exchange. The Crowd Genie Asset Trading Exchange will democratize trading and allow asset fractionalization and investment in infrastructure, stocks, cryptocurrency, and bonds across Asia and the world.
The P2P lending industry is currently expanding at a rapid pace because it gives small businesses access to credit that they normally don’t have. Small businesses only get 25% of small business loans in the U.S.; three quarters of small business loans never get approved.
Blockchain technology will also encourage nano-size lending, as tokens can allow a loan to be broken into as small a size as necessary – such as $100, and be managed cost effectively. A small lender can invest in a loan and not be charged high fees and make a good return on the investment.
Blockchain technology also provides reconciliation and transaction handling that banks presently perform, but at a much lower cost.
The Crowd Genie ecosystem includes a digital passport on the Ethereum blockchain that verifies both borrowers and lenders, for whom it provides instant blockchain based transactions.
On the flip side, retail investors are discouraged in the existing lending market. The average investor needs a minimum of $200,000 to invest in a small part of a loan. Fees for bonds and funds that invest in smaller amounts are high and consume a high portion of the yields.
In addition, the pricing of traditional lending is not transparent. The pricing is often based on what an investment manager or bank considers the lowest price they think the borrower can tolerate.
With blockchain technology, people in different countries can view and assess borrowers, while the cross-border market ensures that the borrowers can achieve a fair interest rate.
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