AQRU PLC (AQSE:AQRU), an incubator focused on the decentralised finance (DeFi) sector, has announced the launch of BlockLender, a start-up offering cryptocurrency-collateralised lending services.
BlockLender offers holders the opportunity to use their cryptocurrency as collateral to access instant loans, with a minimum starting value of US$100.
Rather than funding crypto-collateralised loans by raising deposits, BlockLender places the collateralised digital assets into smart contracts with well-established DeFi protocols such as Aave, Compound and Maker, which in turn act as collateral for funding for the underlying loan.
Philip Blows, chief executive of AQRU and managing director of BlockLender, commented: "While crypto-backed loans enable customers to use their digital assets to make real-life purchases, many providers have taken on excessive levels of risk with people's assets, without their customers knowing.
“With the launch of BlockLender, AQRU is bringing much-needed transparency to the evolving digital asset lending market. BlockLender's crypto-collateralised loans not only provide customers with attractive interest rates, but also offer transparent information on how investors' assets are being managed.”
BlockLender is being launched to a global audience, with certain regulatory exclusions. No services will be offered in any territory where it would be unlawful to do so.