announces the beginning of the development credit blockchain platform. It will enable members of the crypto community to get loans in the Fiat cryptocurrency secured by assets and mining hardware.
In comparison with Bank loans the approval process will take less time because the Cereal due to the procedure of scoring. The platform uses automated calculation of the maximum amount of available credit for customers.
After registration, customers Cereal will be able to choose the terms of the loan: the amount of the Deposit, the loan term and the country in which he wants to get Fiat money. Next — to instructions for making a Deposit and withdrawal of Fiat currency. The Deposit will be kept with Cereal in «cold wallets» which offer the highest level of security. The platform intends to automate the processes of storage, retrieval and sale of Deposit assets with smart contracts.
The platform will offer several loan options, including credit cards and lines of credit for business. In the first case, after the transfer of the Deposit to the platform customers will be able to get the card by courier service or in the offices of partners of the Cereal. You can withdraw money at ATMs or branches of partners of the company. The credit card provides a grace period within which to return the funds into the account without paying interest.
The line of credit will be suitable for any business deriving income in the cryptocurrency cryptocurrency exchanges, companies that conduct ICO, miners. Feature a credit line is increased, the amount of available credit compared with collateral for individuals. This allows us to cover all operating costs, which are normally charged Fiat money — the purchase of new equipment, business expansion and wages.
«On the cryptocurrency market loans secured by assets not in principle. Today the owners of cryptocurrencies and related resources often have to choose between keeping their investments and bring them in Fiat money to cover daily financial needs or operating costs, mining equipment, expansion devices and maintenance», — says Sergey Warth, co-founder and CEO of Cereal.
«Cereal uses the blockchain to optimize a complex, often non-objective scoring procedure, providing a high level of security and trust between the participants of the cryptocurrency market. Using the platform, the Cereal we are going to create an ecosystem of high quality, affordable loan products for the crypto community,» he adds.
According to the founders, Cereal is not a revolution but rather an evolution of the credit market. Around the platform formed an ecosystem, in which each other will interact cryptocurrency holders, financial institutions, investors, retailers and manufacturers. Some will be able to obtain loans, and others — to invest in loans to borrowers and earn profits. Token Cereal will be the basis of a universal loyalty program for all participants. Today Cereal has completed private pre-sale token CRLs.
The growing market of credit-based crypto-currency assets is estimated at $30 billion, according to the company in the financial services industry Unchained Capital is a pioneer in granting loans secured by a cryptocurrency.
Learn more about the project