Lendingblock is an open exchange for borrowing and lending
cryptocurrencies and digital assets. It allows borrowers and lenders to enter
into fully collateralized crypto vs crypto lending agreements. Lenders can earn
incremental interest income on their long term investment in digital assets,
while borrowers can use their digital assets as collateral to enable borrowing
to support shorter term trading, hedging and working capital needs.
Lendingblock is creating a parallel financial service for the crypto economy to
securities lending in traditional capital markets.
Financial
- Growth
Rate of Lendable Crytoassets
Pessimistic– crypto market capitalisation will grow at
annual compound rate of 25%, including issuance of new assets and appreciation
in value of existing assets, reaching a total of $975 billion in 2020;
Realistic- crypto market capitalisation will grow at
annual compound rate of 100%, including issuance of new assets and appreciation
in value of existing assets, reaching a total of $1.687 trillion in 2020
Optimistic- crypto market capitalisation will grow at
annual compound rate of 200%, including issuance of new assets and appreciation
in value of existing assets, reaching a total of $4 trillion in 2020.
- Adoption
of crypto financing services
Pessimistic– percentage of crypto market capitalisation
used as collateral will increase 0.5% per year, reaching 1.5% (one eighth of
levels in conventional securities financing) in 2020;
Realistic- percentage of crypto market capitalisation
used as collateral will increase 1% per year, reaching 3% (one quarter of
levels in conventional securities financing) in 2020;
Optimistic- percentage of crypto market capitalisation
used as collateral will increase 2% per year, reaching 6% (one half of levels
in conventional securities financing) in 2020.
- Transaction
fees
Pessimistic– fee margins will be 75 basis points (0.75%)
which is the typical margin in mature markets with high quality and low
volatility collateral;
Realistic- fee will be 150 basis points (1.5%) which is
the typical margin in maturing markets with medium quality and medium
volatility;
Optimistic- fee margins will be 300 basis points (3%)
which is typical fee in immature markets with low quality and high volatility
collateral;
- Market Share
Pessimistic– Lendingblock will capture 25% market share,
with the remaining market share being taken by direct competitors and
exchanges;
Realistic- Lendingblock will capture 50% market share,
with the remaining market share being taken by direct competitors and
exchanges;
Optimistic- Lendingblock will capture 75% market share,
with the remaining market share being taken by direct competitors and
exchanges.
Token sale
LND will be an ERC-20 compliant token. The LND token functions
as the currency of use within the Lendingblock economy. Interest payments for
loans paid by borrowers and received by lenders will made using LND.
Token Sale Process
- Size of Issue: 1,000,000,000 LND will be created during the token
sale.
- Total cap: Following the completion of the token sale no further
issues will be made, capping the volume of LND at 1,000,000,000
- Fundraising target
·
A hard cap or ceiling will be set at the ETH equivalent of USD
10,000,000 at the start of the sale process.
·
A soft cap or floor will be set at the ETH equivalent of USD
5,000,000 at the start of the sale process.
·
Failure to reach the soft cap level will result in ETH being
returned to purchasers, once expenses incurred in the token sale have been
deducted.
·
If funds raised are between the hard and soft caps, unsold LND
will be destroyed.
- Total circulating supply: 600,000,000 LND (60% of total
supply) will be offered for sale during the token sale process, in three
phases:
- Private sale phase will conducted under the following conditions:
·
The funding cap will be USD 500,000
·
25,000,000 LND will be offered during the private sale;
·
A 1:1 bonus award will apply to the private sale period, so that
an additional 25,000,000 LND will be awarded to participants;
·
The effective price of each LND will be USD 0.01 ( USD 500,000 /
50,000,000 LND);
·
Bonus LND awarded will be subject to a sixty day holding period;
·
There will be a set participation level of USD 50,000 per
participant for the private sale;
·
The private sale period concluded at 21:00 GMT, Friday January
26th, 2018.
·
Pre-sale phase will be conducted under the following conditions:
·
The funding cap will be USD 7,500,000
·
375,000,000 LND will offered during the pre sale;
·
A 5:1 bonus award will apply to the pre- sale period, so that an
additional 75,000,000 LND will be awarded to investors;
·
The effective price of each LND will be USD 0.016667 ( USD
7,500,000 / 450,000,000 LND);
·
LND purchased during the pre sale period will be subject to a
thirty day holding period;
·
Bonus LND awarded will be subject to a thirty day holding
period;
·
There will be a minimum participation level of USD 25,000 and
maximum participation level of USD 500,000 for the pre-sale;
·
The pre-sale period will commence at 15:00 GMT Saturday April 7th,
2018; and
·
The pre-sale period will conclude at the earlier of 15:00 GMT
Saturday April 14th, 2018 or when the 375,000,000 offered LND are sold.
· Main sale phase will be
conducted under the following conditions:
·
The funding cap will be USD 2,000,000
·
100,000,000 LND will be offered during the main sale;
·
There will be no minimum participation level but a maximum
participation level of USD 25,000 for the main sale;
·
The effective price of each LND will be USD 0.02 ( USD 2,000,000
/ 100,000,000 LND);
·
The main sale period will commence at 15:00 GMT Sunday April 15th,
2018; and
·
The main sale period will conclude at the earlier of 15:00 GMT
Sunday April 22nd, 2018 or when the 100,000,000 offered LND are sold.
· Growth fund: 150,000,000 LND (15%
of total supply) will be held as a growth fund, to be used at the discretion of
the management team to increase the utility of the platform in a way that
benefits users and investors.
· Team, partnerships and
bounty: 250,000,000
LND (25% of total supply) will be distributed to the founding team, employees
hired in first 12 months, advisors, and pre-ICO service providers including
participants in marketing and security bounty programs.
15% will be allocated to the Lendingblock
founders;
5% will be allocated to Lendingblock employees
hired in the first 12 months;
5% will be allocated to advisers, service
providers, and bounty programs.
·
Redemption process
LND
tokens will be distributed to purchasers immediately and made transferable
within seven days of the scheduled end of the token sale process. Bonus
LND tokens will be issued to pre-sale purchasers thirty days after the
scheduled end of the token sale process or the completion of the sale provided
purchased LND tokens have not been sold.
Onboarding, KYC and AML process Onboarding
All Participants
Announcements will be made on our social media channels when
registration starts. Participants who are individuals can visit the
registration website to complete a registration form containing the following:
· Email,
· Telegram name,
· Ethereum address in which
the funds will be sent from,
· Agree to terms and
declaration.
Individual
A user id and PassFort link will then be generated. The user id
should be saved by the participant. PassFort is our KYC partner and
participants will be required to visit the PassFort link to submit their
information. The following details are collected through PassFort:
- First name
- Surname
- Date of birth
- Nationality
- Address
- Image of passport
- Image of selfie
Participants can then check the status of their registration by
entering their Ethereum address and user id on our website. The possible
registration status are as follows:
- Invalid: no registration found with the address and key
combination
- New: registration has been created and waiting for
documents
- Received: registration has been received and under
review
- Rejected: registration has been rejected
- Requires re-submit: inform participant to re-submit his
details, another user id will be created
- Approved: participant is eligible to proceed to funding
- Not approved: participant is not eligible to proceed to
funding
- Funded: participant’s funds have been received
Entity registration
For participants who are entities, the following information are
collected:
- Ethereum address in which the funds will be sent from
- Country of entity registration
- Entity name
- Entity registration number
A user id will be generated and can be used to check their
application status. All beneficial owners with at least 10% ownership, shareholders
with at least 10% ownership and directors of the entity are required to go
through an individual onboarding process. They can visit the registration
website to complete a registration form containing the following:
- Ethereum address in which the funds will be sent from
- Entity name they are related to
- Percentage amount of beneficial ownership
- Percentage amount of shareholder ownership
- If they are a director
- Agree to terms and declaration
A user id and PassFort link will then be generated. The user id
should be saved. They will be required to visit the PassFort link to submit
their information. The following details are collected through PassFort:
- First name
- Surname
- Date of birth
- Nationality
- Address
- Image of passport
- Image of selfie
They can then check the status of their registration by entering
their Ethereum address and user id on our website. Their individual profiles
will be linked to their related entity on PassFort.
Data protection and Storage
All the collected information from our website will be stored on
Google’s cloud hosting and the collected information by PassFort will be stored
on their servers. The data will then be exported and checked against the
following rules:
1. All the details must be completed
2. The participant should be greater than 21 years of age
3. The participant should not be from the following countries:
USA, China
4. The Ethereum address should not be from a known exchange or
contract
5. The Ethereum addresses should be unique among all the
participants
6. The name and date of birth should be unique among all the
participants
Checks performed through third parties
Individuals
For individuals, the eligible participants from above will then
go through PassFort
for the following checks:
1. Identity check
2. PEPs & Sanctions check
Politically Exposed Persons (PEP)
Provides information to highlight whether or not a customer is
considered to be politically exposed. The degree of exposure will be
highlighted as well as any relevant political positions the customer has held
in the past.
Sanctions
Provides information to highlight whether or not a customer is
on any national or international sanctions lists. Any matches will be
highlighted alongside whether the match is against current or previous
sanctions lists and will include a Date From and Date To tag to indicate
duration.
Applicants are automatically approved if they pass the PassFort
checks. A manual check is done to either approve or reject the applicant if the
automated check fails. Rejected participants might be given an opportunity to
re-submit their details.
Entity checks
For entities, they will go through PassFort for the following
checks:
1. Registry information
2. Company filings
3. Sanctions
4. Authorised persons
5. Board of directors
6. Beneficial owners
A manual check is done to either approve or reject the applicant
base on the retrieved data and individuals associated with the entity. Rejected
participants might be given an opportunity to re-submit their details.
The result of the registration will be uploaded to our website
and participants can check their status with their Ethereum address and user
id. In the case of oversubscription, our director can apply subjective rules to
determine who are approved.
OFFICIAL LINK
WEBSITE: http://lendingblock.com
TELEGRAM: t.me/lendingblock
TWITTER:https://twitter.com/lendingblock
AUTHOR cenatown
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