[ANN][ICO] FintruX Network - 💲 THE GLOBAL P2P LENDING ECOSYSTEM ✅ 💲

[Retired]

What risk do you take securing the unsecure loans?

Great question. There is no risk involved in our part, since we are not using our own money to lend or to cover loans. We are simply using securitization principles that are generally reserved for large bulk funding and implementing them for all unsecured loans to SMEs, especially startups. We can do this because of our expertise in serving the securitization sector for 20 years, and superior technology in a no-code development platform which allows us to generate an individual program per each contract.

An unsecured loan is a loan that is not protected or secured by any asset. In this case the lender is taking a lot more risk and would likely charge a higher interest rate. The riskier the loan, the more expensive it will be. We are going to change that.

The credit enhancers are as follows:
1. Over-collateralization acting as additional security; and if it fails to cover all losses arising from the same borrower,
2. Third-party guarantors take care of the overflow losses from the above for the selected loans; and if it still fails,
3. Cross-collateralization pool provides additional insurance; and if it still fails,
4. Five (5)% of all FTX Tokens has been reserved to cover any losses incurred by lenders.

In essence, we make borrowing and lending a no brainer for both borrowers and investors. Investors enjoy a very safe low-risk loan for a traditionally high-risk venture, and borrowers benefit from low interest rates that result with low-risk.

what does cross collateralization mean?

Probably negotiate collaterals with other borrowers?

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[heinemannplus]

Which range of loan amounts will be supported?

[DeepWater]

The project is still alive?

[Retired]

Which range of loan amounts will be supported?

you mean min max?

[poordeveloper]

The project is still alive?

And very much so! Have a look at their site and twitters/Facebook

[FintruX]

You have a strong org behind you. So what are your advantages over SALT or other p2p borrowing system?

Hi Cuenzy,

SALT lends in fiat currencies. It is a centralized loans platform for loans amount higher than US$5,000. It uses the smart contract only for depositing crypto currency as collateral. Their target market is borrowers with crypto currencies who don’t want to liquidate into fiat. Only Accredited Investors and qualified financial institutions can become lenders on SALT.

As mentioned previously, we focus on unsecured loans in any currency (fiat, crypto, etc.) We use credit enhancing tools such as over-collateralization, guarantors, cross-collateralization, and 5% of all FTX tokens to neutralize risk for lenders. On top of that, we focus on SMEs (small businesses) and especially startups. It can be difficult for startups to secure funding at the moment because no one is lending to them - not without huge interest rates. We are changing that by offering the simplest loan for the lowest interest rates to these companies that need funding and cashflow without breaking the bank.

Which range of loan amounts will be supported?

On our current model, borrowers can borrow up to $300,000 US on 3-24 month terms.

The project is still alive?

And very much so! Have a look at their site and twitters/Facebook

Also feel free to join us on Telegram! We would love to talk to you on a more personal level and answer any burning questions you may have.

[heinemannplus]

Which range of loan amounts will be supported?

you mean min max?

yes, that's exactly what I was asking for. I want to know what is the minimum and maximum invest.

[Neversettle]

Which range of loan amounts will be supported?

you mean min max?

yes, that's exactly what I was asking for. I want to know what is the minimum and maximum invest.

min and max invest or loan to give/ take?

[FintruX]

Which range of loan amounts will be supported?

you mean min max?

yes, that's exactly what I was asking for. I want to know what is the minimum and maximum invest.

min and max invest or loan to give/ take?

For the platform, you can accredited investors/financial institutions can invest the amount they please within their parameters. Usually, this would have no upper limit, but for accredited investors, the minimum could be $150,000 - $1M depending on region.

For the token sale, the min. investment amount is 0.1 ETH.

Hope this answers your questions!

[FintruX]

This will never work, you can't secure a loan without centralization.

Our platform has both centralized and decentralized portions.

Two types of data will be centralized:
1.   Fast and mission-critical structured data, especially data that requires guarantee that two or more updates either succeed or fail as an atomic unit;
2.   Dynamic unstructured data such as personalization, user profile management, big data, interacting with internet of things (IoT), etc.

The automated administration and legal obligations of each borrower contract, together with all associated documentations for that contract will be decentralized. Thus, each borrowing contract will be transparent, open-source, and most importantly, due to our unique method of coding (see this blog post), the smart contract becomes a binding agreement between the participants - unambiguous, immutable, and no arbitration required.

We are very confident in our ability to handle atomic transactions and maintain integrity of financing, as we have been developing software for securitizers for the last 20 years and are currently managing 4billion dollars of assets.

[poordeveloper]

This will never work, you can't secure a loan without centralization.

AFAIK you can secure loans with collaterals in the actual platform. Also that would prevent someone using the same collateral for several loans.

[Schopenhauer365]

In the whitepaper you said that you are going to make trustless financing a no-brainer for borrowers and investors, how will you do that?

[Retired]

In the whitepaper you said that you are going to make trustless financing a no-brainer for borrowers and investors, how will you do that?

Well, the concept of trustless financing itself seems like a no brainer. At least for me.

[poordeveloper]

This will never work, you can't secure a loan without centralization.

Our platform has both centralized and decentralized portions.

Two types of data will be centralized:
1.   Fast and mission-critical structured data, especially data that requires guarantee that two or more updates either succeed or fail as an atomic unit;
2.   Dynamic unstructured data such as personalization, user profile management, big data, interacting with internet of things (IoT), etc.

The automated administration and legal obligations of each borrower contract, together with all associated documentations for that contract will be decentralized. Thus, each borrowing contract will be transparent, open-source, and most importantly, due to our unique method of coding (see this blog post), the smart contract becomes a binding agreement between the participants - unambiguous, immutable, and no arbitration required.

We are very confident in our ability to handle atomic transactions and maintain integrity of financing, as we have been developing software for securitizers for the last 20 years and are currently managing 4billion dollars of assets.

The combination of centralized and decentralized dates is indeed extremely revolutionary and makes the system be much more reliable.

[ICOnow]

FintruX ICO listed on ICOnow.

http://iconow.net/ico-729   

[poordeveloper]

FintruX ICO listed on ICOnow.

http://iconow.net/ico-729   

Congratulations! Did you just list then?

[FintruX]

In the whitepaper you said that you are going to make trustless financing a no-brainer for borrowers and investors, how will you do that?

Well, the concept of trustless financing itself seems like a no brainer. At least for me.

Yes, exactly that. On top of that, we provide many competitive edges to further make financing easy for borrowers and investors.
We are solving three major issues for small businesses, especially startups, to borrow from accredited investors:
1. By applying credit enhancements, FintruX Network seeks to neutralize the lender’s credit risk and, in the case of a default, provide cascading levels of insurances to cover the loss;
2. A unique smart contract is generated and deployed by FintruX Network for each individual borrowing at real time to provide unambiguous, immutable, and censorship resistant records where no arbitration is required;
3. In addition to simplifying the loan application process via instant matching, FintruX Network also provides borrowers with post-funding self-serve administration options such as refinance and prepayment.

To further enhance our offering, we will make our platform available to partners such as fraud and identity service agents, credit scoring and decision agents, wallets, exchanges, banks, asset managers, insurance companies and technology companies; to offer new investment and borrower products, and develop new tools for use on our platform. These ecosystem partners can transact directly with our marketplace or leverage our automated administration tools to build financing portfolios to suit their or their clients’ investing needs.  We believe that the opportunities provided by these ecosystem partners will help expand the attractiveness and availability of our network.

[poordeveloper]

Adding such services should definitely help as it's going to turn you into a service provider of the whole range of services needed by the companies in the area. It'd make specialized offerings like IDnow look outdated.

[rhetoricalgombeen]

Does the team have experience in this sphere?

[FintruX]

Does the team have experience in this sphere?

Yes. We are backed by a very reputable company Robocoder Corporation and have been developing mission critical financial solutions to banks and financial institutions for the last 20 years. We are very well known in the Canadian financing ecosystem, and we will be leveraging our relationships to take our platform to market.