[ANN] [ICO] CEREAL - BLOCKCHAIN ECOSYSTEM FOR ASSET-BASED LOANS

[Cereal Team]

Hello, comrades. As stated in the white paper "In the future some other cryptocurrencies (not Bitcoin and Ethereum only) will be considered as deposit assets, as well as, possibly, other assets that can act as liquid deposit". On the basis of what indicators will you select cryptocurrencies are able to act as security for the loan, and what do you mean by "other assets"?

At first since the Cereal platform is released, we will consider BTC, ETH and mining equipment as collateral. Later we will expand the list of cryptocurrencies that can be used as collateral.

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[Cereal Team]

I heard that you will be supporting Btc and eth at first,BTC and ETH is good,since it is stable,upto an extent!
how many currecies are you planning to add on to the platform,in the future?

This information will be announced later, after the platform is launched. It is planned to use a wide range of crypto assets. Stay tuned.

Best,
Cereal Team.

[Cereal Team]

Hello,

Cereal has been listed on TrackICO: https://www.trackico.io/ico/cereal/.

Feel free to contact us via https://www.trackico.io/contact/ if you have any questions.

Thank you for the support.

Best,
Cereal Team.

[sacskate]

Hello! What happens in case someone fails to repay his loan regarding the mining equipment?will you them a little more time?

[Cereal Team]

Hello! What happens in case someone fails to repay his loan regarding the mining equipment?will you them a little more time?

thanks for the question.

In case if a customer can’t repay the loan in fiat he can make a request to Cereal to sell part of the deposit at the market price in the equivalent of the debt. If the collateral value drops by Cereal level, we send customer a warning that the deposit funds are insufficient. In this case customer can:
- Increase deposit to the level required;
- Pay off a part of the debt to comply with the deposit amount or repay the debt in full;
- If the first two actions are not possible, customer can sell part of the assets in the equivalent of the remaining debt.

Best,
Cereal Team.

[Momur0]

Just read about the project in an article but not much of informations were provided. I would like to know what do you consider as collateral, as it's mentioned " collateral to access loans in fiat currency"?

[Eliza beth]

a great project and careful planning, but competition in the ICO market are high. I hope the team will work hard and maximize in the promotion, to be accepted by investors

[Cereal Team]

Just read about the project in an article but not much of informations were provided. I would like to know what do you consider as collateral, as it's mentioned " collateral to access loans in fiat currency"?

Thank you for the question.

ETH, BTC for loans in fiat and mining equipment for clients of our partner GigaWatt. Cereal provides loans in fiat that allows our clients to get cash for daily expenses, using their crypto as collateral. At the first stage, there will be only the most reliable cryptoassets, like ETH and BTC, which pose lower risk for creditors.

Best,
Cereal Team.

[Novac]

I see that users will be able to get fiat money by depositing crypto assets. So what can Cereal tokens be used for ?

[Momur0]

In case if a customer fails to pay the % or monthly instalment for loan how will it be encounted ? How long is the termination period?

Thanks for your question.

In case if a customer can’t repay the loan in fiat he can make a request to Cereal to sell part of the deposit at the market price in the equivalent of the debt. If the collateral value drops by Cereal level, we send customer a warning that the deposit funds are insufficient. In this case customer can:
- Increase deposit to the level required;
- Pay off a part of the debt to comply with the deposit amount or repay the debt in full;
- If the first two actions are not possible, customer can sell part of the assets in the equivalent of the remaining debt.

Best,
Cereal Team.

Sound great! So basically there won't be any deduction on spot for the decreament. Good to know that there are three possible ways to tackle this situation. I suppose to keep a little more than the assest loan percentage so that there won't be any necessary to checking it out until and unless the market reflects any bad crash.

[Tamila]

How does it work for cryptocurrency mining equipment as equipment? You don't really physically transfer it or do you?

Hello Stas and thank's for the question ! Mining equipment is used as collateral during the repayment period of installments and physically remains in GigaWatt and is also served there. The income from mining repays installments, after repayment you can do whatever you want - pick up your miner or leave it there .


Best
CT

Ah I see so you remain in the possession of the mining equipment. I essentially buy it from you but you keep it as collateral?

After the purchase of the miner took place, it belongs to the client, but during the installment payment period, it remains as a pledge in GigaWatt. After the repayment, client can do whatever he wants with the miner.

Best
CT

Sure got it. If the miner decides to receive it you are going to send it to him, but could he also decide to sell it? Will you have something like a small marketplace maybe?

At the first stage of the product launch, we will not have a public marketplace for customers who want to sell their miners, but we are considering such a possibility in the future.

Best
CT

Having a direct marketplace might have other advanatges took. Maybe Cereal later on shows some light on this as they can deduct some percentage by allowing cryptocurrency miners to list their mining equipments and sell them directly for cryptos or CRL tokens. And then the tokens can be utilized to purchase miners or spend on other equipments.

[Cereal Team]

I see that users will be able to get fiat money by depositing crypto assets. So what can Cereal tokens be used for ?

Thank you for the question.

With the CRL token you can enjoy following benefits on the platform:
1) Earlier access to new products in the Cereal ecosystem. For example, the participants of token sale will have priority access to the loans backed by mining equipment.
2) Better conditions for various credit products within the ecosystem. Advantages may include lower interest rates for loans and credit cards, higher loan-to-value proportion, longer payback periods, higher amounts of maximum possible loans, etc.
3) Better conditions for purchasing goods and services from partner companies. Members of the Cereal ecosystem can receive various bonuses in CRL tokens using credit products, such as cashback when shopping with Cereal credit cards.

Best,
Cereal Team.

[zahardarya]

I see that users will be able to get fiat money by depositing crypto assets. So what can Cereal tokens be used for ?

It's actually you can get fiat money or else you can purchase mining equipments directly. Many miners will find it very resonable. Cereal provides loans in fiat that allows their clients to get cash for daily expenses, using their crypto as collateral. Once the loan is repaid, Cereal return the collateral.

[ChubarV]

Hi!
Do you need any specific national regulations for you loaning operations? I mean specific laws in each country?

Basically in my country there are specific rules and regulations in order to apply for a loan. There is too much of preachment that we have to pass through in order to make it. Starting from the documentation of all relevant documents , meetups, approval, agreements and much more! I believe in terms of Cereal everything will be smooth enough as it's in terms of cryptocurrency.

[JENREM]

I see that users will be able to get fiat money by depositing crypto assets. So what can Cereal tokens be used for ?

It's actually you can get fiat money or else you can purchase mining equipments directly. Many miners will find it very resonable. Cereal provides loans in fiat that allows their clients to get cash for daily expenses, using their crypto as collateral. Once the loan is repaid, Cereal return the collateral.

Cereal blockchain is good because they allowed clients to provides loans for their other expenses. And what I love about this project is that they return the cereal for collateral after they paid off everything.

[Novac]

How does it work for cryptocurrency mining equipment as equipment? You don't really physically transfer it or do you?

Hello Stas and thank's for the question ! Mining equipment is used as collateral during the repayment period of installments and physically remains in GigaWatt and is also served there. The income from mining repays installments, after repayment you can do whatever you want - pick up your miner or leave it there .


Best
CT

Ah I see so you remain in the possession of the mining equipment. I essentially buy it from you but you keep it as collateral?

After the purchase of the miner took place, it belongs to the client, but during the installment payment period, it remains as a pledge in GigaWatt. After the repayment, client can do whatever he wants with the miner.

Best
CT

Sure got it. If the miner decides to receive it you are going to send it to him, but could he also decide to sell it? Will you have something like a small marketplace maybe?

That's a good question as many miners often decide to stop mining or else get the better one that are out in the market. I think they won't be having any marketplace but there are certain websites like ebay , list them on Craigslist as well as i have seen peoples using Bitcointalk to sell them but an escrow service is always a better option.

[Kriptopsina]

How does it work for cryptocurrency mining equipment as equipment? You don't really physically transfer it or do you?

Hello Stas and thank's for the question ! Mining equipment is used as collateral during the repayment period of installments and physically remains in GigaWatt and is also served there. The income from mining repays installments, after repayment you can do whatever you want - pick up your miner or leave it there .


Best
CT

Hi. And you do not know what is the service life of this equipment? What happens if it breaks and the debt is not paid yet?

[Galley]

We have launched bounty campaign!
https://bitcointalk.org/index.php?topic=4616911.new#new

Great to know that! Not a miner though but can participate in the bounty campaign and secure me some tokens. This project seems to be very useful for miners so i consider the value of the tokens will be above average in future. It will facilitate the ecosystem growth and give token holders multiple advantages.

[MAXE]

What is the maximum amount of loan can i take from Cereal?
And is it possible to take multiple loans within a year if i hold the amount of assests to pay for it?

[Galley]

Will Cereal products are available globally as cryptocurrency being available globally or it's only fixed within Asian regions?