ETHLend is a decentralized lending application (DAPP) running on the Ethereum Network that offers secure, peer to peer lending Smart Contracts.
This crypto-to-crypto lending platform started licensing process to acquire a license on lending activities in over 30 European Economic Area (EEA) countries and in various other countries within.
Expanding the Business Model of ETHLend
The initial goal of ETHLend was to provide cryptocurrency lending with the use of digital assets as a collateral for the loans. However, due to the vast amount of requests from the community, they have announced on Friday that ETHLend will expand the current crypto-to-crypto business model to cover FIAT lending, whereas users can pledge cryptocurrencies and receive FIAT currency as a loan.
ETHLend is highly specialized in smart contract development and decentralised applications. The ETHLend team feels that there is a need for a smart contract based transaction system within the fiat-to-crypto lending ecosystem. In other words, they feel that more transparency and less failure points are needed in such form of a lending activity.
Raising the Bar for Compliance in Crypto-lending
ETHLend puts emphasis on transparency and compliance when it comes to crypto-to-crytpo lending. This is very important to build a strong brand presence and have users feel safe while using their platform.
One of the steps they took in this direction is the planned KYC implementation in Q2 by using third-party KYC provider that already complies with laws and regulations.
This is will enable ETHLend to broaden their services with other institutions in the borrowing and lending business.
Overview on Licensing for Lending Activities
ETHLend starts the licensing process to be able to provide services (crypto-to-crypto and FIAT-to-crypto) in the following European Economic Area (EEA) countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.
Additionally, ETHLend will start the same licensing process in USA and selected Asian countries where they see biggest demand.
ETHLend shall announce more information on the additional jurisdictions in a later stage of the licensing process.
By providing additional compliance to cryptolending market and broadening their lending operations to FIAT lending, ETHLend is becoming more attractive platform beyond the cryptocurrency communities.