RadLending are developing a credit solution for the crypto economy. Through a P2P lending platform Rad Lending will offer credit products which are secured by your crypto assets. Read on for our interview.
Pre- ICO Information:
- 1 RAD = $3
- Accepts USD, Ethereum & Bitcoin
- ICO open to everyone, including accredited U.S. investors
When did you first get into Bitcoin and why?
Talking from investment perspective Bitcoin in my view is an asset – one from the crypto class of assets. I didn’t go into Bitcoin fully but rather allocated a very small portion of my net worth into Bitcoin and Ethereum early in 2017.
Where did the inspiration for your ICO come from?
We have experience in fintech and understand how modern consumer finance work. Looking into the new wave of crypto enthusiasts that still doesn’t have access to convenient, inexpensive and reliable financial products made us think more about ways to connect traditional financial products with crypto world.
How will your business make money in the future?
Based on our planned p2p lending platform, we plan to offer a line of credit products for crypto market and later down the road for a wider market of modern consumers. These products earn money through interest rates, and platform fees. We will share the revenue of the platform with all token holders.
How big is your team at the moment?
We are around 13 people currently – lucky number. We are also expanding our advisors team, so will get to around 17-20 people very soon.
What is the idea behind your ICO?
We are building p2p platform that will connect fiat lenders, looking for predictive yield with borrowers, looking for fiat loans against their crypto assets without selling them.
We believe that it will help to unlock huge resources, that are now frozen in crypto HOLDings for spending and economic activity.
On top of the platform we will provide a line of credit products including our credit card with a real credit limit and grace period that will require crypto collateral.
Can you walk us through the critical components of your business and how it will work?
There are several components of our solution:
We will offer secured lending with collateral in crypto against a fiat loan. The loan will be over-collateralized to protect against crypto asset volatility. It is also logical to use a power of blockchain and smart contracts to manage security deposit seamlessly and safely. However, there is a conflict between ability to accept the maximum number of top crypto assets and technical limitations of cross blockchain communication. That’s why we plan to implement the solution in two steps.
Step1 is for MVP, business model validation, market validation. At this step, we will focus on getting things off the ground, providing a product and getting to the market.
Step 2 is to perfect our idea of a decentralized blockchain-agnostic escrow service that will allow us to accept collaterals and issue loans across a variety of blockchains with full decentralization. This is a frontier of current blockchain tech – we have ideas and early promising results, but making this solution production ready and scalable needs lot of work, time and efforts.
P2P Lending Platform
The platform that connects lenders and borrowers will use a lot that our team members learned from developing crypto exchanges. We will use exchange-like matchmaking engine to match loans and borrowers with the best price.
Digital Credit History and Scoring
This is a logical step into the wider market of customers that are not necessarily crypto enthusiasts. It is in the plans to develop and perfect our in-house transaction based scoring algorithm and a credit history on a blockchain. Our next product will help us to gather all necessary transaction data.
We plan to offer something new to the market – a credit card with a real credit limit against your crypto collateral that will give you grace period and no transaction fees.
What was the greatest challenge you have faced so far?
The biggest challenge is the current state of cross blockchain communication. We have something to say in this hopefully with our planned decentralized blockchain-agnostic escrow.
Where do you see your business in 5 years time?
In our timeline we will be expanding to new markets with all major credit product categories from our business plan (personal loans, business and small business offerings, credit card).
We also hopefully will be already pretty far in our decentralization technology development across various blockchains.
If you were to start again, what would you do differently? Why?
We spent quite a bit of time on our compliance and legal basis in the new area of crypto investment. I wish we could make it much faster from the idea, team and business plan to the actual ICO.
What are the biggest factors that will bring success?
Ideas, resources and timing –all are equally needed in right proportions.
What’s your advice to other ICOs or Bitcoin businesses who are just starting out?
Ignore the noise, focus on core pillars of business, be compliant.
Aside from your website where else are you present on Social Media and how can people get in contact with you?
The best way to connect with us is through the website but we are also present on Facebook, Twitter and Telegram.
Disclaimer – We do not endorse or are not being paid to promote this ICO.