Amanda,Artificial Intelligence Assistant,to provide blockchain backed loans
Liquidity in crypto markets has been a challenge for all market players.Selling of crypto assets prohibits cryptocurrency holders from cashing on any future growth in asset value. Investors who buy low need to hold on to their investments in order to profit.
The team at MoneyTaken recognized the liquidity problem and built the MoneyToken platform to facilitate borrowing of liquid funds instantly, based on the current value of cryptocurrency asset holdings. With MoneyToken, there’s no reason to sell cryptocurrencies when there is a need for cash or stable currency. Loans can vary from $500 to as large as $1,000,000 and can have terms that range from 3 to 90 days, with long-term loans also being available. The platform is great for miners, investors, traders, ICOs, and exchanges alike.
MoneyToken’s lending model uses fluctuating crypto-assets as collateral for a loan provided in fiat currency or stablecoin. The blockchain technology allows for getting rid of all the intermediaries in the loan system, automatic control of risks is a primary advantage of the MoneyToken platform.
The MoneyToken whitepaper lists down the advantages of this model versus traditional banking schemes as:
a)Automatic confirmation of the loan within seconds or minutes
b)No requirement for credit scoring or verification of assets.
c)The customer regulates the loan conditions on their own within the confines of the platform’s terms.
d)An option to deposit the collateral in several cryptocurrency assets in order to stabilize the general fluctuation of the collateral and lower any upward pressure on interest rates.
e)Transparency of the operation during both transfer and retention of the security deposit.
f)Transparency of collateral evaluation and the fluctuation of its value over time for both parties
Behind MoneyToken is Amanda. Amanda is an Artificial Intelligence Assistant who will provide automated loan operations on the platform.She will also showcase MoneyToken’s platform functionality before the official platform launch.
Speaking about Amanda and the potential that this technology brings to the market, co-founder of MoneyToken Jerome MacGilivray had this to say:“Amanda is the start of an amazing fusion of today’s technology — Blockchain meets AI. We are totally thrilled by what we have going on here; MoneyToken is building an ecosystem, not only to provide much-needed loan services but also to create a platform that can take the crypto community to the next level. ”
MoneyToken is currently in the Pre-Sale round of their fundraising and has currently raised nearly $4 million.
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