INLOCK recently signed a Memorandum of Understanding (MoU) with one of the biggest crypto ATM manufacturers for testing its Minimum Viable Product (MVP). INLOCK is a virtual currency lending platform that offers licensed lenders a stage to meet borrowers interested in using their digital assets as collateral security for getting loans. The Central and Eastern European Countries (CEE)’s crypto ATM manufacturer intends to integrate the services of INLOCK into its machines.
CEE’s ATM manufacturer to act as matching service provider
The partnership will enable the users to take out and receive funding for loans directly in cash within a few hours. The ATM manufacturer will forward customers to the crypto lending company by acting as a matching service provider. According to the founder and CEO of INLOCK, Csaba Csabai, “Before we can begin to talk about crypto reaching mass adoption, we first have to be able to spend it. Since crypto can be such a volatile asset, people often hold onto it for future gains instead of spending it. INLOCK bridges this gap, and provides customers with the best of both worlds.”
On September 15 INLOCK launched an ICO for its ILK token. The ILK token (ERC-20) will soon become an integral part of the ecosystem of INLOCK. It will serve as a utility token for the users and cover platform fees when they will take fiat loans keeping crypto as collateral. The customers will require ILK tokens for taking a loan or carrying out any contractual activities on INLOCK henceforth.
INLOCK platform offers an option to cover outstanding expenses
At present, the cryptocurrency market is showing a severely bearish trend which has affected everyone including miners. Continuing mining operations in such a scenario is never easy as each company has to pay liabilities for mining virtual currencies. These include rent, electricity bills, and other overhead costs. For staying afloat miners have no other options but to keep it running.
INLOCK platform offers the miners an option to continue mining operations by using their mined coins as collateral security for borrowing loans. It helps the miners to not only sustain but hopefully thrive in the bearish market conditions.
