Is FintruX the Future Bank?
«This is a once in a decade opportunity!» Bob runs into the office where his coworkers drink their coffee. He has a paper in his hand and he is shaking it like crazy while repeating to himself «This is a once in a decade opportunity!.»
After some minutes Bob has finally calmed down. His colleague Alice asks him what’s up? Bob tells her that he just got an email from Mr. Warren. He is a guy that everyone in the construction business knows, more importantly — he is loaded with cash!
In the email, Mr. Warren told Bob about a new construction project they are working on, and he wants to use Bob’s company for the task. The job is worth several million dollars, and Bob is having a hard time grasping the importance and the blessings of the job awaiting them.
«Wait a minute!» Alice likes the sound of it, but she is more realistic. “If we are going to do the job we will need more machines and some new co-workers. Last time we looked at our account, we couldn’t find the money needed for such upgrades and improvements.” Bob didn’t like the sound of that, but he understood that Alice was right. Instead of complaining, Bob immediately grabbed his phone and called a bank they had worked with earlier. Maybe they could help them with a loan.
The next morning Bob didn’t look as enthusiastic. He had called several banks, but all of them turned him down. He couldn’t believe what he heard. He promised them that they would pay back whatever loan they would get in record-time, but it didn’t help. Now they had a problem. Without the extra money, they cannot afford to buy the new machines and hire more labour to do the job, which again meant they had to decline the offer from Mr. Warren. Bob felt terrible!
Is it only banks that hand out loans?
Bob likes watching good old gangster movies. In these films, people borrowed money from the loan sharks. Later they find themselves with lost fingers and other body parts, as they were unable to repay their debt in time. This made Bob ask himself: Are only banks handing out loans, or maybe I could try to get a loan somewhere else?
Bob sits down in front of his monitor and asks Google for help. The search results shows up, but he doesn’t seem to find anything of use. Luckily, Bob doesn’t give up easily, so he keeps looking through the search results until he finds something that sounds promising. Bob reads about Peer-2-Peer loans. He clicks the link to find out more.
Bob is visiting the website of a service named FintruX. They claim to be the global P2P lending ecosystem. He doesn’t understand exactly what it is, but after watching the introduction video, he has a better understanding.
Essentially FintruX doesn’t work like a bank, but it does the job of a bank, just cheaper. FintruX is a platform to match a lender, with guys like Bob, who needs a loan for their business to flurish. The way FintruX achives this is by implemeting blockchain. The Brilliant thing about blockchain technology is that you don´t need intermediaries, which is something a bank usually is.
A P2P loan is, in other words, a person to person loan. At the FintruX platform you are able to take a loan directly from another person, or company, somewhere else in the world, without any third party interrupting or stopping the process.
Bob types in the information about the size of the loan he is in need of and adds a time-frame for how long he wants to repay the loan. A list presenting different loans available were presented to him, and now he just need to pick the loan most suitable for him and his company.
Five days later
Bob rushes into the office with another paper in his hand. Alice is the one asking what’s up, and Bob cannot keep quiet for even a second. “We got the deal, this is the contract!” Bob is so happy, proud and relieved. They got a fantastic opportunity from Mr. Warren, and thanks to the P2P loan they got on the FintruX platform using the Fintrux token (FTX) they got hold of exactly what they needed to get the job done.
He spent some time looking for the perfect loan, but once he made the decision, things went smoothly and the money arrived quickly. Bob had often thought of the blockchain technology as something complicated, but this was the total opposite.
Bob is happy and satisfied. He is especially glad that he didn’t give up when the banks declined him. The company is ready for the job, and this is much due to blockchain technology and the FintruX platform.
One of the reasons that Bob and his company got a loan using the FintruX platform, is that they operate with much lower costs than a normal bank. As you pay back your loan in a normal bank, you also finance their daily costs, their building rental, their electricity costs, and let us not forget about the actual profit of the bank. FintruX is a blockchain based platform for P2P loans, and as a consequence it is able to run with much lower costs helping Bob, Alice, and others in need of extra money find a loan suitable for them!
Bob is merely a fictional character, but it could just as well have been a true story. Unfortunately, stories like this often end at the bank not being supportive, but luckily there are alternative ways to keep the dream alive. FintruX has a P2P blockchain solution that could play a big part for a change in the industry.
If you have some questions about FintruX, feel free to join their telegram or visit their website.
The content provided in this article belongs to Norway Confidential Group and all information in this article is not intended and does not constitute as legal or investment advice. Please do your own research.