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What is LoanBit?
LoanBit is a peer to peer lending and investment platform based on the blockchain. It supports multiple cryptocurrencies as well as fiat currency like the USD. LoanBit allows users to send or receive money which is encrypted and secured by a myriad of state of the art security measures. The token LBT can be exchanged in its online wallet or used to provide funds for participants seeking loans. Additionally, the platform has a safety fund, special verification and enjoys cooperation from worldwide arbitrators.
LoanBit works by providing participants with loans in their currency of choice. After filling in some personal and financial detail, a user may request for a loan. A fellow user, or group of users, may accept the size and terms of the loan specified by the borrower and make available these funds through LoanBit. On the other hand, lenders become investors as they stand to earn interest on the money they provided and on the terms agreed upon. LoanBit swoops in to provide the necessary protection to lenders. It safeguards their interests by covering up to 75% of the loan. Access to the platform only requires an internet connection.
LoanBit’s main features
- Lending: LoanBit is unique lending and investment platform coupled up with a safety fund and collaboration with worldwide arbitration.
- Exchange services: The platform aims to facilitate seamless exchange between all prevalent currencies with an instant send attribute from one currency to another.
- Verification services: LoanBit envisions improving the manner and systems in which borrowers are verified. This initiative will be extended to other institutions through provision of verification services by the platform.
- Online wallet: With an online wallet, customers will be able to keep their money, exchange their currencies for other available ones, invest their money, as well as pay for various goods and services.
LoanBit ICO Communication Channels
LoanBit ICO Team
Misha Osaula – Co-founder and Chief Executive Officer
Osaula has a Bachelor’s degree in civil protection from the National University of Civil Protection of Ukraine. He is a founding member of LoanBit together with Aleksandr Gryaznykh. Osaula has skills and endorsements in Bitcoin and blockchain technology, with a further 6 years of experience in creating and implementing online projects.
Aleksandr Gryaznykh – Co-founder and Chief Financial Officer
Gryaznykh has more than 7 years of experience in the finance industry in addition to serving various capacities in the banking sector. He has worked as an auditor in an international audit firm for over 5 years and recently took up corporate finance.
Dmitriy Kotikov – Co-founder and Chief Technical Officer
Dmitriy has more than 8 years of experience in IT. His specialties are software development, support of data warehouses, and mobile applications development.
Steven Krohn – ICO Advisor
Steven had vast experience as an ICO project manager. He specializes in ICO digital marketing and public relations. Some of his skill set include social media management, content marketing, influencer marketing, email marketing, video creation and market funnel creation and optimization.
Anton Mitrokhin – Strategic Development
Anton is an analyst and business developer with over 10 years of cross-disciplinary experience in business and technology strategy.
Simon Cocking – Advisor
Simon Cocking has vast experience as an advisor to many companies and ICO’s as well. He has several bachelor’s degrees, and master’s in various fields but focuses mainly on computer science and design.
LoanBit ICO Scam Check
A lot of the credible information regarding LoanBit ICO exists only on the companies whitepaper with other sources providing little else information. Nonetheless, a close examination of the company’s management team reveals solid professional careers with most of the member in the management having worked in similar projects.
The token also runs on Ethereum’s blockchain technology which provides high-security standards for the platform. The company seems to check out as legitimate. There is no suspicious activity surrounding the running of the company and no claims of it being a scam in most online reviews.
LoanBit ICO token Sale
The LoanBit ICO, according to the official website, is still in progress hence there does not exist a final number of total tokens sold. Outlined below are the dates, prices, bonuses, and currencies accepted in the token sale. The ICO management states that in the event they do not raise 1,000,000 US Dollars, all the money will be returned to individual investors.
Token distribution metrics
- Participants of the pre-sale and ICO: 85%.
- LoanBit team: 8%.
- LoanBit consultants: 4%.
- Bounty campaign: 3%.
No restricted country
The company, however, seeks to make a quarterly repurchase of tokens starting 2018. 50% of these tokens will be repurchased at the market price at the date of repurchase but not at a lower price than the ICO price.
LoanBit will also be offering a bonus scheme during the ICO period as follows:
LoanBit has been able to find a niche in the finance and crowdsourcing industry and has incorporated blockchain technology into it. It is a brilliant idea so to speak and will be targeting small-time borrowers at the beginning and people seeking to diversify their investments.
However, there exist other such platforms offering peer to peer lending and exchange services, and LoanBit will have to prove its services are much better and secure to beat a lot of competition as well as traditional credit institutions.
LoanBit ICO Business model
LoanBit models its business around providing a better loan lending service. The loan’s terms and sizes as mentioned earlier are pre-determined by the borrower, and once the money lender approves of the mentioned terms, the funds are sent instantly.
In this way, more and more people will be attracted to friendlier loan lending services in which the platform charges a small percentage of the loans processed. A commission of 2-4% on the loans will apply to all cryptocurrency and fiat current except those that have been processed using LoanBit, the currency of the platform. Charges from this loans will be used to ensure the smooth operation of the platform.
The Minimum Viable Product is a P2P lending and investment platform, characterized by safety funds, especial verification systems, and collaboration with universally recognized arbitrations. LoanBit is a multi-currency platform, hence will support everything right from fiat to cryptocurrencies. The MVP is expected to be out in later 2018.
- The tokens were planned to be sold in 2 stages: Pre-sale and ICO. The pre-sale had a target of 500,000 USD with the price of 1 LBT being sold at $0.25. This objective was achieved.
- The second stage is the ICO which was slated to run in the months of April and May 2018. The ICO targets to raise 20,000,000 USD selling a single LBT for 1$.
LoanBit is special in the way that it is a peer to peer lending project based on blockchain technology. Information from the investors, borrowers and investor and credit history will be recorded onto an openly distributed database that cannot be forged and is resistant to modification. LoanBit, therefore, fulfills a need by providing secure, quick loan services based on new blockchain technology. LoanBit’s concept would work without blockchain, as there exist other platforms that do just that but the platform would not benefit from the underlying advantages of blockchain technology such as incorruptibility.
The LoanBit Coin Distribution
- 1,000,000 USD will be used to provide microcredit.
- 5,000,000 USD will be used for lending and investments on the platform, provide a safety fund of 10% of the ICO and be used to develop a mobile application.
- 10,000,000 USD will be used in full exchange mode, provide a safety fund of 20% of the ICO and facilitate cooperation with arbitrages.
- The remaining 20,000,000 will be used to establish representative offices in several countries, provide a safety fund of 25% of the ICO, increase the exchange working capital and attraction of market majors.
Compatible Wallets & Exchanges
LoanBit will be unveiling their own online wallet on their platform where a trader can invest or exchange with other currency.
LoanBit is unique in the combination of services it provides. Lending, an online wallet as well as an exchange service. Although there are peer to peer lending platforms, most are not backed up by blockchain technology and herein lies LoanBit’s winning formula. LoanBit has enormous potential as all over the world; there is a need for credit services. LoanBit provides lending in a quicker, more flexible and simplified way than banks and other financial institutions. Unlike many cryptocurrency platforms, loanBit seeks to support both fiat and cryptocurrencies, an idea that might to a greater extent promote its wide adaptation across the globe. Nevertheless, since the project is still in its infancy stages, there is still a long way to go.
We trust that you have garnered much knowledge from our LoanBit ICO review. Since we are committed to being your reliable crypto-partner, you are welcomed to keep checking our site for the latest updates on the LoanBit ICO among many other crypto-related coverages. Thank you.