CX-hdr-2018

Marketlend becomes the first Australian fintech firm to launch its own blockchain digital currency

Sydney, Australia: October 29, 2019 — Marketlend has announced the launch of its permissioned blockchain digital currency, “Black”.

  • Announces the permissioned blockchain digital currency “Black”, a fiat-based digital currency with the equivalent exchange rate of 1Black for 1AUD
  • Black is a 100 per cent collateralised digital currency which offers Marketlend efficiencies and security for its platform

Black is 100 per cent backed by fiat currency assets in an independent trustee bank reserve account. The conversion rate will remain the same due to its backing by one fiat currency, ensuring the Black currency will always be the equivalent of $1AUD.

“This will formalise recordings on the blockchain ledger, improving the security and efficiency of transactions,” said Leo Tyndall, founder and CEO of Marketlend. “The unveiling of Black is the result of many months of research and testing and we believe this will drive greater speed, efficiency and security across the Marketlend platform and its global recognition.”

On the backend, Black handles transactions with a blockchain. A blockchain is a distributed digital ledger of transactions that records – in this case – who owns how much Black, who transferred what, and how much Black to whom.

Initially piloted with select Marketlend investors and issuers, the investors deposit money into a trustee bank account which is converted into Black, using the blockchain technology. Black can be used for investments into other offerings that Marketlend will offer in the form of digital currency issues.

If an investor would like to liquidate Black, they would be repaid by an authorised transaction between the trustee and the investor to release money from the trust reserve bank account. Marketlend has engaged the trust manager, Tyndall Capital to manage the register of Black.

Black is the latest in a series of product launches this year from Australia’s leading ethical fintech business.

In November last year the company launched UnLock, a first-of-its-kind interest-free B2B buy now, pay later platform. UnLock offers up to 90 days credit terms (triple the conventional 30 days). This allows small businesses to benefit from a sizeable boost in purchasing power and the ability to capitalise on available cash to focus on growing their business. Suppliers unlock cash receivables up front while being able to give their small business customers extended terms. As a result, both supplier and small business benefit from all-in-one supply chain debt finance.

Since its launch in 2014, Marketlend has funded more than $120 million to Australian businesses.

About Marketlend

Marketlend is committed to creating a business world where obstacles to financial transparency, fairness, high returns and efficiency are vanquished. Learning from the strengths and shortcomings of international peer-to-peer offerings, Marketlend’s marketplace lending platform is by design far more mature, fair, transparent and secure than any peer-to-peer lender. Robust legal structures, secure payment systems, and proprietary risk assessment predictability software gives qualified investors the assurances they need to invest confidently, while ensuring SMEs can keep their businesses running smoothly and competitively. All these structures are underpinned by Marketlend itself, which puts its own skin in the game by automatically investing with the investors – the first dollar of every loan is always Marketlend’s. 

 

FQ Editor

Written by FQ Editor

Press release from an outside source. Please consult the organisation directly for details about this release.

Topics: press release

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