P2P Cryptocurrency Lending Platforms An Overview www.bitdeal.net
What are P2P Cryptocurrency Lending Platforms The Legacy P2P fiat lending platforms will allow any individual to claim loan from other individuals, by neglecting the involvement of any financial institutions such as banks as middleman. Whereas the P2P Cryptocurrency lending platforms also works as same as the legacy p2p lending platforms, but the loans will be claimed against the cryptocurrencies. P2p cryptocurrency lending platforms act as the gateway to connect crypto lenders & borrowers under a roof, where the lenders and borrowers can lend & repay the crypto assets with added interest rate for various time durations. Borrowers will be allowed to choose the needed loan amount and the prefered set of fixed time durations proposed by the platforms. www.bitdeal.net
How P2P Cryptocurrency Lending Platforms Works? Crypto to Fiat Lending 1.
At first the lender has to deposit the funds to the lending platform.
2.
To claim a loan against the cryptocurrencies a borrower has to deposit a required cryptocurrency as collateral to the platform. This is to ensure the security of the lender.
3.
The Platform sends the loan amount after the verification of collaterals, and the receipt of confirmation from both sides.
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The borrower has to repay the money with the instructed interest.
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The platforms send the actual fiat money with interest to the lender.
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The collateral will be pay backed to the borrower.
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Services fee will be collected from the borrower end.
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The Loan To Value will be calculated up to 70% of the crypto assets market value.
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How P2P Cryptocurrency Lending Platforms Works? Crypto To Crypto Lending This is an exceptional and the trending concept of p2p crypto lending. Whereas the borrowers are allowed to get loans only with a preferred cryptocurrency, which may be ethereum, XRP or anything else. So to buy ethereum’s the borrower has to deposit his/her bitcoins, and to lend the ethereum the lenders has to deposit his etherums to the platforms. A significant loan to value percentage will be calculated for different types of cryptocurrencies based on the market value. Everything else will be done like crypto-fiat lending.
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Originally Published at : P2P Cryptocurrency Lending Platform Development Company
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