Founder: Steve Swain, 2017
Business: A cryptocurrency lending and borrowing platform for retail investors.
Lendingblock is a cryptocurrency lending and borrowing platform for retail investors. Users can deposit their idle cryptocurrencies to earn impressive interest rates not seen in traditional finance. Depending on the length of the loan, users can earn up to 12% per year on their deposits. Participants are also able to use their cryptocurrency as collateral to secure stablecoin dollar-backed loans at reasonable interest rates, allowing them to unlock value from their crypto assets without the need to sell.
Lendingblock was founded by Wall Street tech veteran Steve Swain in late 2017. The company was initially funded by a $10m Initial Coin Offering (ICO) in April 2018 and subsequently regulated by the Gibraltar Financial Services Commission in 2019.
Unlike savings accounts in traditional finance, blockchain wallets don’t pay any interest on deposits. Lendingblock allows users to earn substantial passive returns on their crypto in a safe and secure way. Every month, the company pays its active users a Lendingblock (LND) token airdrop reward based on their share of the total monthly platform activity. Depending on the user’s activity, this airdrop can be very lucrative indeed, as seen in the first airdrop reward for October’s activity, where platform borrowers were paid 1,323% APY in LND tokens, effectively meaning that Borrowers were paid to borrow!
Lendingblock’s achievements so far include:
- Over $5m of customer deposits in under 2 months of launch
- 34% average week-on-week growth rate of new deposits
- 7% average week-on-week growth rate of new user sign-ups
Lendingblock has big plans for 2022, where they expect to offer a greater variety of cryptocurrencies to their lending and borrowing product, flexible loan terms, develop an Android and iOS app, and launch a crypto buy/sell exchange.
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