Decentralized lending platform ETHLend has announced in its official blog a new strategic partnership with Sandblock, the innovative solution to reward loyal customers using cryptocurrencies. Besides that, ETHLend is planning to expand its current crypto-to-crypto business model to cover fiat lending.
According to the company's statement, ETHLend team will use the Sandblock blockchain based ecosystem for promotional campaigns to broaden it’s community and marketing reach.
"Sandblock users will have the opportunity to use SAT or Branded Tokens as collateral allowing them to unlock liquidity from their brand loyalty without the need for selling them and losing potential customer offers," the announcement reads.
Built on the Ethereum (ETH/USD) blockchain, ETHLend provides a lending market that connects lenders and borrowers across the globe. It offers secured loans with the ERC-20 compatible digital tokens as collateral.
The company has already started a process to obtain a license on lending activities in over thirty countries in the European Economic Area (EEA).
It also intends to pursue licensing in the US on a state-by-state basis, and in selected countries in Asia.
ETHLend is planning to provide finance in form of fiat currencies such as EUR, USD and GBP against cryptocurrency holdings.
“Our initial goal was to provide cryptocurrency lending with the use of digital assets as a collateral for the loans. However, due to the vast amount of requests, we are comfortable to announce today that ETHLend will expand the current crypto-to-crypto business model to cover fiat lending,” ETHLend CEO Stani Kulechov said in a statement. “The ETHLend team feels that there is a need for a smart contract based transaction system within the fiat-to-crypto lending ecosystem.”
By Jade Olafson