SUMMARY
In the new digital age, technology has been playing a key role in the finance industry by making the financial transactions faster, reliable and easier to the users across the world. Financial sector is one of the significant sectors in the world's economic growth. Cryptocurrencies have started to play a significant role in today’s digital finance sector with the development of blockchain technology and smart contracts..With the increasing and demanding lifestyle among many people there is always a demand from the borrower in terms of requirement of the funds to spend for their commitments thereby creating the demand for creditors for lending their money to the borrower who is in demand. Now, the people are expecting lenders and borrowers which are outside of banks since banks have certain traditional rules and difficulty in terms of regulations, increased interest rates and inflexibility in lending loans to the demanders. To solve these issues, here comes a unique project which is transparent and secure in lending and borrowing the loans in an innovative platform, called FinWhaleX.
What is FinWhaleX?
FinWhaleX is a P2P crypto/ fiat credit borrowing and lending platform .based on blockchain technology, big data and machine learning. It is an alternative financing platform where loans can be borrowed or lent anywhere and anytime. FinWhaleX is transparent, secure and faster and the borrowers can use digital assets as collateral. Through this P2P loan platform, the borrowers can borrow a loan amount from the individual investors who wish to lend their own money at a convenient interest rates agreed by both the parties. It thoroughly checks and verifies the reliability and integrity of the borrower making it reliable for the lender. Any individual or investment firm can register and can start lending their money to the borrower. Once the borrower repays, the security deposit(collateral) will be returned to the borrower and the interest for the loan given to the borrower will be paid to the creditor by the FinWhaleX.
One can easily register as a borrower or lender by visiting https://finwhalex.com/ platform.
FinWhaleX and Steam:
The FinWhaleX project is in collaboration with Steam and the users of steam borrow loans with their game credits and assets. Steam is the world’s largest platform for the distribution of PC games and online games digital assets. The digital assets on Steam which are tradable such as weapons, outfits, virtual environment can be used as collateral to obtain a loan from the lender through FinWhaleX. The borrowers after registering in the FinWhaleX platform can deposit their digital assets from the Steam platform. This project has also associated with several renowned names such as Crypton, BitForex, Blackstorm Consulting, Bluebelt, Interventures, Newconomy, Talkbank, Blackbox Labs and Binam which makes it stronger and disruptive to its competitors in this industry.
How it works?
The borrowers and lenders can register on the FinWhaleX platform. After registration, loan application can be placed by the borrower. Once the loan application is received or accepted by the concerned loan lender, agreements are made as smart contracts between both the parties as per their requirements.
The borrowers can deposit the tokens and the cryptocurrencies which is used as a security deposit(digital asset) in FinWhaleX platform to obtain a loan. Similarly the lenders can deposit their money in order to lend the same to the borrowers. FinWhaleX has several parameters and the users can choose any of the parameters which is profitable as per their convenience.Once the lender accepts the borrower’s loan application, FinWhaleX creates a unique multi site address where the borrowers digital assets which is considered as security deposit will be stored for the entire loan period. The stored digital assets are secured in a unique wallet and cannot be used or accessed by anyone.
Once the borrower returns the loan amount, he/she gets back the security deposit(digital assets) and similarly the lenders gets his lended funds as well as the agreed upon interest amount as a profit. For all these operations among borrowers and lenders, FinWhaleX acts a mediator and the transactions are done via FWX tokens.
Advantages:
Through FinWhaleX platform, one can give a loan or take a loan easily.
The borrowers can get the loan credit from the creditor even having a bad credit history.
Both the borrower and lender are independent to choose their corresponding lender or borrower.
The creditors or lenders can easily earn money by lending their money at a good interest rates in a very transparent, secure and hassle free manner.
There is no traditional paper works for lending or borrowing which makes this project more faster and convenient for the users.
The lenders and borrowers can use their preferred currency to perform the necessary actions and the conversion of the currency is done within the Finwhalex platform.
The agreements between the two concerned parties can be negotiable in terms of loan period, interest rates and loan time period.
The loan borrowers are subjected to AML and KYC screening thereby solving the integrity and reliability issues between the lender and borrower.
FinWhaleX provides 24/7 customer support which makes the users more comfortable such that they can clarify their queries about their requirements.
The legal agreements between both parties and the agreements are prepared by experts team and done as per the countries norms to which both the parties belongs to.
FinWhaleX provides yearly interest up to 100%, fee as low as 0% and provides the loan duration upto 12 months.
It provides Immediate receipt of the money to the borrower from the creditor without any difficult and time taking procedures.
In the future, Finwhalex aims to collaborate with other lending systems such as banks, mutual fund investments firms, pawn shop agents making the finance and loan lending industry more broader and accessible to everyone.
In the near future, real world assets such as cars, real estate properties can also be used as a security deposit by the users.
Token details:
The FinWhaleX token goes with the symbol FWX which is implemented according to the ERC20 standards on the Ethereum platform. The transactions performed on the platform are done with its unique utility token which is FWX. With the FWX tokens, users can lend or borrow the money as per their agreed upon terms such as loan’s time period, amount, interest rates.
The tokens will be available on CRITO exchanges after the IEO. The price of each FWX token is 0.00000001BTC.
From the total FWX tokens, about 56 % FWX tokens(72,800,000,000 FWX) are available for sale to the purchasers. The remaining 17% FWX tokens(22,100,000,000 FWX) are for the team members and advisors, 15% tokens(19,500,000,000 FWX) are kept as a reserve and 12% tokens(15,600,000,000 FWX) are allocated for Marketing and PR.
The FinWhaleX platform currently accepts Bitcoin, Ethereum,TrueUSD. To mention the rapid growth of FinWhaleX, there are more than 16k registered users and about 391 transactions have been completed so far with 840k $ loan amounts being distributed between the borrower and lender.
Please visit finwhalex.com for latest and more information.
Roadmap:
Team Members:
The team members of the FinWhaleX are highly experienced in this industry and continuously works harder to further develop this project and to expand its services throughout the globe. The team has a greater vision for the future to enjoy our day to day life more easily by making the procedures for the loan lending and borrowing more user-friendly and faster through FinWhaleX
Conclusion:
P2P lending is one of the fastest growing sectors in the finance industry and the success of FinWhaleX platform which is also a part of P2P lending sector are increasing across the world day by day. This project with its unique finance system, by bypassing the banks and its traditional time taking procedures, is a much trendy one in today's digital world. This project which is already creating a revolution aims to be a part of the top 10 P2P platforms in the world by 2022. Hence, now is the opportunity to be a part of this innovative project by registering on FinWhaleX.com. FinWhaleX is now available as a mobile app and the users can download on Google Play Store and Apple iStore
For more information
Website: https://finwhalex.com/
Whitepaper: https://finwhalex.com/assets/WP_3.0.pdf
Bounty Thread: https://bitcointalk.org/index.php?topic=5167173.0
Facebook: https://www.facebook.com/FinWhaleX/
Twitter: https://twitter.com/FinWhaleX/
Telegram: https://t.me/finwhalex
Written by
K.Siva Arulmani
Bitcointalk Username: Rachchi
Bitcointalk profile URL: https://bitcointalk.org/index.php?action=profile;u=2297077