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Bitcoin Exchange Script and Software | Bitdeal

P2P Lending Platform Development

aaroncody profile image Aaron Cody ・3 min read

What are P2p Cryptocurrency Lending Platforms?

The Legacy P2P fiat lending platforms will allow any individual to claim loan from other individuals, by neglecting the involvement of any financial institutions such as banks as middleman. Whereas the P2P Cryptocurrency lending platforms also works as same as the legacy p2p lending platforms, but the loans will be claimed against the cryptocurrencies.

P2p cryptocurrency lending platforms act as the gateway to connect crypto lenders & borrowers under a roof, where the lenders and borrowers can lend & repay the crypto assets with added interest rate for various time durations. Borrowers will be allowed to choose the needed loan amount and the prefered set of fixed time durations proposed by the platforms.

Smart Contract Powered P2P Cryptocurrency Lending Platforms

These are the next gen p2p cryptocurrency lending platforms, where all the lending process will be handled through smart contracts. Loan repayment, and the settlement of collateral will start to process automatically after the completion of loan repayment duration ends. We at bitdeal build smart contracts powered p2p cryptocurrency lending platforms on any blockchain. Based on the requirements we can proceed with proper customization.

How P2P Cryptocurrency Lending Platforms Works?

Crypto to Fiat Lending

  • At first the lender has to deposit the funds to the lending platform.
  • To claim a loan against the cryptocurrencies a borrower has to deposit a required cryptocurrency as collateral to the platform. This is to ensure the security of the lender.
  • The Platform sends the loan amount after the verification of collaterals, and the receipt of confirmation from both sides.
  • The borrower has to repay the money with the instructed interest.
  • The platforms send the actual fiat money with interest to the lender.
  • The collateral will be pay backed to the borrower.
  • Services fee will be collected from the borrower end
  • The Loan To Value will be calculated up to 70% of the crypto assets market value.

Crypto To Crypto Lending

This is an exceptional and the trending concept of p2p crypto lending. Whereas the borrowers are allowed to get loans only with a preferred cryptocurrency, which may be ethereum, XRP or anything else. So to buy ethereum's the borrower has to deposit his/her bitcoins, and to lend the ethereum the lenders has to deposit his etherums to the platforms. A significant loan to value percentage will be calculated for different types of cryptocurrencies based on the market value. Everything else will be done like crypto-fiat lending.

P2P Cryptocurrency Lending Platform Development

At last we came to the end of this session. We bitdeal, a bitcoin exchange script, cryptocurrency exchange and blockchain development company have taken a one more steps towards our cryptocurrency business solutions and services. At bitdeal We are providing p2p cryptocurrency lending platform development services to our clients to create a p2p cryptocurrency lending platform like coinloan, Nexo, celcius.network to connect crypto borrowers and lenders under one roof. The created p2p crypto lending platform can be tied up with any cryptocurrency exchange website which allows margin trading where traders and investors can transact funds between them from anywhere around the globe. At bitdeal we have a team of hotshot developers who are skilled in developing blockchain smart contracts powered automated and decentralized p2p cryptocurrency lending platforms with eight folded security. Interest rate, duration of lending offers, transaction process, repayment methodologies, collateral backups process, integration with exchange websites and everything else related to the p2p crypto lending system will be customized based on your requirements and we will write everything in smart contracts.

Originally Published at: P2P Cryptocurrency Lending Platform Development Company

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