ecoinomic: Getting Loans Using Cryptocurrency As Collateral
In modern days, the introduction of cryptcurrency has made transactions to evolve: from the use of physical cash to a more efficient, effective and safe means - online trade. Moreso the use of cryptocurrencies as a digital currency has made transactions even better. Considering the point that large amount, which ordinarily look bulky can be converted to small units in cryptocurrencies, have made the technology very relevant.
Technological advancements in some countries have aided thr growth of cryptos as they have endorsed the official use of cryptocurrencies as legal means of making payments for goods and services. However, some countries are yet to embrace the technology. Some sectors also have shown reluctance in the approval of the technology in their transaction due to one reason or the other. A typical case study is the loan companies. The loan companies do not accept digital assets, including the high rated bitcoin as means of exchange in their transactions. This is because they do not consider digital assets to be real assets as a result of the instability in their value. For instance, the price of bitcoin, when plotted on a graph shows an irregular pattern- one minute it is on a high side,the next minute it is falling with an incredible speed.
eCoinomic is a platform enriched with quality staff who have gathered vast experience over the years in the Fintech industry and software development. eCoinomic is a part of the Sauber Group — consortium of
Companies working in services, financial and Fintech industries which include the Sauber bank, Microfinance company and Information and Communication Systems Ltd ("SIIS"). eCoinomic provides scalable solution for fiat lending to cryptocurrency owners. We set to bridge the gap between cryptocurrency and the real financial assets.
PROBLEMS EXISTING AND HOW ECOINOMIC INTEND TO SOLVE THEM:
Just as stated earlier,vone of the problems faced by cryptocurrency is that it is not recognized as financial assets due to the fluctuating nature of their value. As such, investors won’t readily invest because of fear of uncertainty, as it may go against them. Inasmuch as they will like to invest in crypto and get profits on the long run, they also need physical cash to run their businesses. At this, are faced with making one choice out of two very important ones keeping in mind that no choice is to be considered as a forgone alternative. This makes them look for means to raise loans and the only asset available as collateral is the cryptocurrency they have. However, considering the fact creditors accept cryptocurrencies as collateral, they are faced with the challenge of selling their cryptocurrency which is against their investment plan.Also, another problem faced is the delay encountered in the course of acquiring a loan. Creditors usually do a lot of scrutiny such as checking the financial ability and credit worthiness of the the applicant. These usually take a lot of time and in the end, getting the loan may not be guaranteed. Ecoinomic stands to create a global network that gives fiat money to individuals and small businesses using cryptocurreny as collateral. With this, there is no need to sell crypto assets to get a loan . Ecoinomic also serves as an intermediate service between financial institutions that act as lenders and the individuals that act and borrowers. They also take the role of a guarantee for financial institutions — all the risks associated with a lending procedure are entirely born by them and that provides full financial coverage of the loan.
Ecoinomic is platform stands to offer financial services to crypto users by making fiat loans using cryptocurrency as collateral, offer investment and asset management advice and services as well as exchange. CNC tokens will be used only in the platform. With various value proposition strategies as well as engineering structures put up, such as multiple currency acceptance-where multiple currencies such as CNC, BTC, ETH, XRP, LTC, BCH,EOS, NEO, ETC, ADA, TRX, DASH which will be accepted as collateral (Currencies that will be made available for loans are USD, EUR.GBP, JPY, CHF, CNY will be added later.); high speed of fiat money transaction; security and transparency; live pricing monitoring system- where the collateral value is calculated using the most recent data from several top exchange (bittrex, poloniex and binance), and several other programs set up, ecoinomic aims at setting up a reliable, stable, effective and efficient platform that will offer fast and easy way to get fiat loans.
Check out the links below to know more about this mind-blowing project. Join the telegram community and follow on different social media.
Website : https://ecoinomic.net
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2878954
Telegram group : https://t.me/ecoinomicchatroom
Telegram news channel : https://t.me/ecoinomicchannel
Facebook : https://m.facebook.com/ecoinomic/
LinkedIn : https://www.linkedin.com/company/ecoinomic/
Reddit : https://www.reddit.com/r/eCoinomic/
Author's Bitcointalk username : Elvisdika1
Author's Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=1774566