3 minute read
How this Singapore-based microlending platform demystifies cryptocurrency
Technicorum CEO Daniel Daboczy discusses why Singapore is the next big crypto hub.
Aperson, in a room with nine other people, trades a ball with one of them. All ten of them in the room records this in their notebook before they go home. Everyone knows that the trade happened. The person who traded the ball can not take it back and trade it with anyone else.
This is how Technicorum CEO Daniel Daboczy explained the evermysterious concept of cryptocurrency in an interview with Singapore Business Review. Technicorum recently launched its Gennix microlending platform that aims to reduce financial inequality on the blockchain. The $GNNX token is currently listed on KingSwap and PancakeSwap, and runs natively on the Binance Smart Chain (BSC) with BEP-20 and BEP1155 token standards.
Gennix addresses a pain point when it comes to cryptocurrency investing, borrowing, and lending: the risk of sudden and sharp price fluctuations due to investors who are always on the lookout for “The Next Big Thing,” as Daboczy put it.
“The Gennix platform comes with features meant to tackle problems in crypto lending. This includes, but is not limited to: over collateralized lending, and complicated financial instruments. Gennix utilizes TrustScore, which reduces collateralization ratios from the typical 200% to much less over time. The implementation of a binary options platform is targeted at users who wish to take on higher risks, in exchange for making a profit. It is a very simple to use platform, free of technical jargon,” Daboczy said.
As a decentralised finance (DeFi) instrument, Gennix does not rely on centralised authorities, such as banks, and is accessible to anyone who has an internet connection and a browser.
“Gennix is turning the tide by providing investors with seamless lending and borrowing tools with more equity and higher yields for investors new and old. The utility of DeFi and crypto will continue to increase, uniquely positioning Gennix in a prime spot to capture a large portion of market share,” Daboczy said.
“The Gennix platform aims to replace the pillars of revenue of the current financial system by charging significantly less interest than traditional banks with time-binding credit. This not only cuts out the middleman but allows investors in the Gennix ecosystem to use their capital for investments, rather than fees. The implementation of binary options aims to simplify seemingly complex options trading systems and allow users to generate more wealth while decreasing the exposure of their capital to the volatility of the crypto market,” he added.
Using TrustScore, Gennix examines and assesses potentially fraudulent transactions and unscrupulous users, making it easy for users to avoid getting scammed.
Technicorum, as a company that specialises in digital assets, has been working with Binance in building this platform. Moreover, Technicorum has also decided to build its office in Singapore, seeing its potential as a cyrptocurrency hub, partially due to it getting regulatory support from the Monetary Authority of Singapore.
“Singapore is the Global - Asia Node of Technology, Innovation, and Enterprise. Technicorum leverages government effort in providing enhanced support for its businesses,” Daboczy said.
On Binance, he said that the increased activity on the BSC network over the past year was amongst the reasons why it became a good platform to launch Gennix. He explained that having built to be Ethereum Virtual Machine Compatible from the start, the BSC makes it easier for developers to migrate their applications from Ethereum.
Without worrying about crosschain compatibility, users can trade at a “lightning-fast pace” on Binance Chain, whilst allowing Dapps like Gennix to be constructed on the BSC. This gives users access to a broad range of options for a variety of financing needs.
A pain point in cryptocurrency is the risk of sudden and sharp price fluctuations due to investors always on the lookout for ‘the next big thing’ (Technicorum CEO Daniel Daboczy)
