Upcoming Shariah compliant P2P financing platform aims to be the first to introduce unsecured crypto loan products.
One important feature seems to be missing in the ever expanding crypto credit market, there are still no unsecured crypto loan products. This is primarily due to the issue of enforcement in the event of loan default. Whereas secured loans collateralised by cryptocurrencies can be documented and enforced solely through smart contracts, it is a totally different proposition when it comes to unsecured loans.
“Since smart contracts are not recognised as a valid legal agreement in many countries, in order to provide unsecured loan products, we have to fall back to the traditional practice of documenting the loan transaction as a promissory note or lending agreement,”
“Only by doing this can the amount be collected legally by licensed debt collection agency from loan defaulters,” said Mr. Rashdan Ibrahim, CEO of iP2P Global Ltd.
Therefore under the iP2PGlobal platform all unsecured loan transacted through the platform will be documented under an e-loan agreement which have to electronically signed by the borrower and lenders.
The upcoming iP2PGlobal Platform will also be the first Shariah compliant peer-to-peer crypto lending platform, to achieve this the company has partnered with Salihin Shariah Advisory a registered Shariah Adviser with the Malaysian Securities Commission, and with AbleAce Raakin, an award-winning licensed commodity murabahah broker that will facilitates all unsecured lending transactions on the platform.
“The positioning as a Shariah compliant platform is meant to appeal to the global Muslims population of more than 2 billion, and to the large number of unbanked adult population since coincidentally a large number of these unbanked population are from Muslim countries such as Pakistan, Bangladesh, Indonesia and Nigeria, or countries with large Muslim minorities such as China and India,”
“As has been demonstrated in China and Indonesia, countries with large unbanked population is ripe for fintech and even cryptocurrency businesses to grow and prosper, contrary to conventional beliefs these unbanked population are actually more receptive to new technology and new medium of exchange,” according to Rashdan.
All the lending and borrowing activities on the iP2PGlobal Platform will be transacted in stablecoins. The management has identified TUSD and PAXOS as the two stablecoins that will be used as the platform’s medium of exchange.
“The use of stablecoins as our platform’s medium of exchange is logical since both lenders and borrowers will not be affected by crypto price volatility, it is also inline with our unsecured crypto loan products which actually targets and encourage borrowers to use their loan proceeds for real world uses as compared to usage just in the crypto world.”
THE TWQ TOKEN
The TWQ Token is the platform’s native token, borrowers will have to stake a certain amount of TWQ Tokens when applying for personal financing on the iP2PGlobal platform. The TWQ token is reusable and will be returned to the borrower on successful loan repayment.
The TWQ Token is a pure utility token and does or will not provide any other rights and functions to its holders.
Rashdan said the amount of TWQ Token to be staked is based on a fixed percentage on the loan amount applied.
Did You See This CB Softwares?
37 SOFTWARE TOOLS... FOR $27!?Join Affiliate Bots Right Away
“Therefore if the price of TWQ token increases a smaller amount of tokens are require to be staked, and vice versa if the price of TWQ token decreases. If the loan auction is not successful the staked TWQ token will also be returned to the loan applicant,” he said.
INITIAL EXCHANGE OFFERING ON EXMARKETS
iP2PGlobal’s IEO on Exmarkets starts on November 18th and will consist of three separate rounds, each offering a different price and bonus structure. TWQ tokens can be subscribed by using Ethereum or Bitcoin.
Round I: November 18th – 24th | TWQ Price: $0.10 | 20% bonus on purchases;
Round II: November 30th – December 6th | TWQ Price: $0.10 | 10% bonus on purchases;
Round III: December 12th – 18th | TWQ Price: $0.10 | 5% bonus on purchases;
“One of the main reason why we chose Exmarkets was it’s past records in undertaking numerous and diverse IEO projects. We were also attracted to Exmarkets geographical reach with users in Europe, Middle East and South Asia, which is in line with our target markets.” commented Rashdan.
For more information on TWQ Token’s IEO, visit https://exmarkets.com/launchpad/twq-btc
ABOUT IP2P GLOBAL LTD
iP2P Global Ltd is a fintech-blockchain company that was first established in 2015. The company owns iP2PMoney, a P2P fiat lending platform and iP2PGO App, an escrow P2P crypto/fiat Marketplace. The company also provides P2P and Blockchain enterprise solutions to corporates and government.
For more information on iP2PGlobal and TWQ Token, visit https://ip2pglobal.io.
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.
Last modified (UTC): October 21, 2019 5:02 PM