In a bid to enter the crypto market, lending firm LQD Business Finance launched the development of a bitcoin business lending platform.
Claiming to be the first company to use bitcoin as a lending currency for commercial loans, LQD Business Finance will leverage blockchain technology therefore bridging the lending sector with cryptocurrency. The new feature will allow investors, business borrowers and bitcoin holders to efficiently transact where they can lend and borrow the digital asset.
The FinTech firm will leverage the Provenance blockchain to document and package loans making it more efficient, quick and accurate.
Currently, bitcoin is used as collateral to obtain a loan but not as lending currency. With more financial institutions and investors considering Bitcoin as a usable currency, the trend of crypto becoming more mainstream will most likely continue, the firm said.
As private debt demand in economies worldwide escalates, the platform’s new development will encourage more lending firms to do so.
Aiming to become the “Amazon of private debt”, LQD CEO George Souri believes the firm’s latest move “to innovate in crypto-debt is a natural continuation of our core mission.”
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