Borrow Money For Spending Using Your Crypto Assets Such as Bitcoins as collateral security with Ethlend
Introduction
Dear steem community, I am privileged to inform your about the great innovation following AAVE, a UK-based FinTech Startup announcing a new release for its crypto lending marketplace called ETHLEND recently on the state of dapps which means you can borrow money for spending using crypto as your collateral security with Bitcoin being the top priority.
About ETHLEND
ETHLend is a decentralised financial product which was developed using blockchain technology and smart contracts to promote transparency, efficiency and decentralisation within financial applications.
ETHLend is a lending peer to peer market which allows it's users to use their crypto as collateral security and with over 20 million USD lending volume generated last year, ETHLend is amongst the most popular blockchain-based finance applications available on market as per the annual report on Dapp.com
How Ethlend works
Crypto users can comfortably access the Ethlend portal through plugins called MetaMask.io on Google chrome. The MetaMask plugin enables you to access the portal and bridges that gap between users and the web so as to enable effectiveness. It supports full utilization of Etheruem DApps on the browser even if you running a full Etheruem node.
What is found in the MetaMask plugins
- Secure identity vault
- Friendly interface
- Signed blockchain transactions
Therefore this environment enables crypto enthusiasts to lend crypto-to-crypto on a peer-peer basis and also remove the need for banks to be the only available option for borrowing. By placing a loan request on ETHLend, lenders from all over the globe can fund loan requests by competing to provide the most competitive interest rate. ETHLend is transparent and can be used by individuals and institutions.
The State Of DApss [@stateofthedapps](https://steemit.com/@stateofthedapps)
The state of DApps is a decentralized application that leverage on Ethereum, EOS, POA and of course steem. Crypto traders and investors must fathom the popular notion that states; "decentralize everything". A countless number of projects are still out there looking for a problem to solve.Nevertheless, the vital key below the decentralized blockchain is no other than censorship resistance, however, there are still some anonymous setbacks that come along with it such as; slow speed, inadequate transparency, and transaction costs etc.
Conclusion
In my conclusion I highly believe that with the ETHlend we shall have a more decentrized form of operation in terms of the crypto market where we do not have to depend on banks alone. Actually this innovation is worth taking forward due to the fact that the crypto market is still in its early stages so if we start now by the time we boom Ethlend will be a great deal.
Thank you so much for reading. For more information follow the links below;
DISCLAIMER
The information contained within this post shall not be taken as a financial advice. I am not a financial advisor and none of your investment decisions should be carried out based on any information presented here. You can lose all of your money by investing. The information presented in this article is for educational and entertainment purposes only.