MONETO will provide an opportunity to take a loan on the security of Bitcoin as quickly, conveniently and safely as possible. A participant in the platform will be able to choose the best loan conditions by creating an application for a loan. It is planned that the maximum amount of a loan will be up to 70% of the collateral’s current value. The user will be able to return the deposit by paying a small commission.
If he or she does not take advantage of this opportunity, the mortgaged Bitcoin will go to the platform. Then it will be sold on the exchange. Money is transferred directly according to the payment information provided. In order to get a loan, the borrower needs to go through the identification process.
The main purpose of the MONETO is to provide an opportunity for registered users in the system to obtain a currency for a specified period, and then, without significant transaction costs, return the crypto-investment. Given that there are no risks on the part of the system since all loans are collateralized, the project will be able to open wide opportunities for potential investors. After all, the investments made within the ICO in the online lending MONETO will be completely risk-free.
By using our product, users will be able to get more-favorable conditions for their loans, without selling cryptocurrency. There is no need to sell the digital currency in order to receive cash; a user only needs to transfer the required amount of Bitcoin as collateral. Returning the mortgaged cryptocurrency is simple: before the end of the loan period, the user must transfer the amount loaned and pay a small commission for using the loan. The loan is transferred according to the given payment data of the user; thus the verification of identification details is required.
Each user will be able to choose the type of loan. For example, if the user needs the maximum amount of a fiat currency (up to 70% of the actual value of Bitcoin at the current exchange rate at the date of purchase), then there is an opportunity to take a high-risk loan. However, in this case, the mortgage will be sold immediately after the end of the loan period if the client does not buy back the Bitcoin in time. An alternative way is a standard loan, but here, the loan will be given in an amount equivalent to no more than 50% of the value of the cryptocurrency.
At the same time, both operational activities and additional commission costs will be minimized. In the future, borrowers will be able to use loan funds in a fiat currency: to receive cash in ATMs, settle in stores and outlets via terminals, or make online purchases on the Internet, depending on their needs. A mobile application that will be installed on a smartphone or tablet will help users make all transactions. At the moment, a test mode is already available. It allows users to view all operations while using Testnet Bitcoin as the cryptocurrency.
In addition, it should be taken into account that the Bitcoin exchange rate, according to the trend of recent years, shows stable growth, especially in 2017, and MONETO will provide users with an excellent opportunity to buy back their mortgage by the rate that was at the time of the loan. Therefore, customers, thanks to the MONETO service, will be able to make good money and pay off all possible costs, increasing their capital.