Beta-Test Access Competition #1 — Line of Credit

On June 23rd, 2018, on the evening of Komodo’s Meetup event in Neuchatel, Ø Crypto Union successfully demonstrated ‘spend’, ‘deposit’ and ‘transfer’ functionalities of its ØPay application, via TestFlight.

The Ø Crypto Union is proud to announce the launch of the beta testing phase of its iOS and Android variants. We are looking for 50 beta testers from our community!

Instructions:

1. Hold 10,000 GXE on a wallet
2. Submit the below form before July 20th https://ocryptounion.typeform.com/to/Jz4Qs6
3. Up to 50 participants will be selected 🤞

Characteristics of the Beta version

1. The active feature is the P2P equity line of credit; withdrawals are limited to €10,000, or an equivalent amount in GBP, AUD, SGD. During the testing phase, wire transfers will be processed on July 30 — GBP withdrawals are deposited within 4 hours; other supported currencies are deposited within 24–36 hours.
2. Accepted deposits (collateral): KMD, BTC, ETH
3. Maximum credit: 40% of underlying collateral
4. Fees: 0.5%/month of the remaining loan
5. Reimbursement method: Fiat by wire transfer or remove from the initial deposit
6. Cold storage is insured by a third party service provider (to be announced)
7. Third party escrow services are insured by @ydx
8. The current terms of Credit Lombard will extend to 30th January 2019
9. Assets are automatically released on January 30th 2019 upon clearing of the equity line of credit balance.
10. You can follow the progress and the availability of lines of credits from this beta test starting July 10th on this spreadsheet

For more information, you can join our Discord and have a look at our website!