MoneyToken team presents the MoneyToken platform
We are really glad to present the MoneyToken platform to you.
MoneyToken — A Blockchain based Financial Ecosystem.
- A cryptocurrency-backed Loan Platform.
- MTC — MoneyToken stablecoin.
- The MoneyToken Exchange service.
The MoneyToken platform is a lending service that provides loans in stable currencies (fiat or stablecoin based), secured using asset-based cryptocurrencies — BTC, ETH, etc.
What problem are we solving?
Let’s be totally straight — the current mainstream cryptocurrencies have not behaved as they were expected to do. Instead of becoming a borderless, frictionless currency which could be used to pay for anything, anywhere; these cryptocurrencies have become volatile, valuable assets. Miners and owners of Bitcoin are hodling like crazy.
For cryptocurrency holders the problem is obvious — currencies like Bitcoin are not an attractive or preferable means of payment, since using them to make purchases removes the opportunity to benefit from future growth in value.
Those holders who spent their Bitcoins in the past few years can only look back with some regret at the position they would now be in had they kept their crypto-assets.
But there are always going to be times when asset holders need liquid funds to pay for current needs — whether that is for further business investment (such as miners who need to upgrade equipment or enlarge their operations), extend their asset positions (both in classical assets and crypto-assets), or to pay for immediate day-to-day needs (bills, expenses etc.).
This is where Money Token comes in. The MoneyToken platform allows you to borrow liquid funds right now, based on the current and future value of your cryptocurrency asset holdings. You take out a short or medium term loan, collateralized with more volatile assets such as BitCoin and Ethereum — and in return you receive an agreed loan amount in a stable currency.
Jerome MacGillivray, co-founder MoneyToken.com
The whole process is designed to be as transparent and simple as possible:
- Using the MoneyToken platform you setup and confirm the loan terms — amount, duration, type and amount of collateral
- You deposit your crypto-asset collateral in a secure storage address
- You receive your credit funds in the agreed available currency
- At the end of the loan term you pay back the amount of the loan plus the interest
- On successful repayment, you receive back your crypto-assets in full
OK, so how does that benefit me?
Well, the first part of the answer is obvious — MoneyToken gives you the opportunity to use your cryptocurrency holdings just like a true asset class; borrowing now based on the expected future value of the asset. You get to hold onto your growing assets whilst gaining the ability to spend and make investments right now.
Since your ownership of the blockchain-based asset is verifiable, and the value is transparent to the market, you don’t need to undergo invasive and unnecessary credit checks — there is nothing added to your credit history or any public credit file. Equally the loan decision can be made almost instantaneously — there is no need for MoneyToken to make extensive evaluations of the market value of your assets (unlike, for example, as happens if you remortgage a property).
Alex Rass, co-founder MoneyToken.com
Added to this, Money Token loans come with transparent, reasonable rates of interest and no additional commissions or fees. The rate is agreed during the setup of the loan through the platform and fixed for the duration of the loan term.
Finally — it’s the strength of cryptocurrencies as a growing asset that gives MoneyToken the edge, there is real potential for your crypto-assets to outperform your loan interest repayments — this means in effect your loan’s collateralized assets paying for themselves and you walking away at the end of the loan term having used your credited funds, paid off the loan and your interest, and gained from the growth in value of your assets.
About the Team
We are a group of blockchain and cryptocurrency enthusiasts and evangelists who been investing, trading and studying the cryptocurrency market for years. Our backgrounds are drawn from traditional bricks and mortar banking, fintech, legal, and the software development industry and more. We have brought all this experience and knowledge together to form MoneyToken — and to create this platform.
MoneyToken — a new kind of lending system, based on a new kind of assets.
Since we started the concept of this system in early 2017 we have been super-busy. Development is well underway already and both the official operational launch of the platform, and our ITO are planned to take place in early 2018.
We have also been busy creating Amanda — the AI agent who will sit behind the platform and conduct automated loan processing, calculations and notifications. You will be able to meet Amanda in soon, and she will be able to interact with visitors, answer questions and demonstrate the functionality of the platform.