What is FintruX?
FintruX is an online lending marketplace platform built-on top of blockchain technology to cater to borrowers who need money in whatever needs deem necessary and for lenders to earn interests with their money. It plans to disrupt current lending technologies that are still not fully transparent, inefficient, and subject to personal biases of the lending institutions.
The online lending marketplace platform targets to be the most efficient and user-friendly so that the borrowers and lenders will have the speed of the transaction with just the power of their hands in a matter of seconds or minutes which were previously very traditional and may take weeks or even months to process.
What are the current lending problems?
People who need money mostly go to banks for their money needs. Unfortunately, applying for a loan from banks is a very tedious process. You will give all the required documents and it may take weeks or even months before you get a decision. The decision may or may not be favorable to you. Even though you’ll be approved, the interest rates are high for the normal people. On the other hand, people borrow from loan sharks to avoid the tedious process. The main drawback of asking from loan sharks is their very high interest rates.
Who can use FintruX?
Most people need money to pay their debts. Many people need money to fund their education, house, cars, or credit cards. There are some people who need money to start or expand their business. These people are considered the borrowers because they’ll be the one borrowing from the FintruX platform.
Lenders on the other hand are people with the financial capacity to lend their FIAT currency. They can earn from the platform by the means of interests which they can make competitive compared to banks and loan sharks. The guarantors, either an individual, group, or institution, are the ones who can commit to the lenders when the borrowers can’t anymore pay the lenders. These three parties are the basic entities of the FintruX platform and as long as you want to borrow or lend money, you can use the revolutionary platform.
What are the features of FintruX?
For the borrowers, they will just input their details and some other parameters on searching their loan package. They can choose a specific package with a vast variety of interest rates, payment terms, and other options depending from the created loan packages by the lenders. They can also review a lender.
For the lenders, they are secured by the four cascading levels of credit enhancement by the FintruX platform. The first level is the over-collateralization. Over-collateralization pertains to the 10% of the loan amount to be held first by FintruX until the borrower fully pays the lender at the end of the lending period. The second level is the third-party guarantors. Third-party guarantors are the ones who can commit to the lenders in case of losses in the lending because of the delinquent or total payment discontinuation of the borrower. The third level is the cross-collateralization. Cross-collateralization is a term used when the collateral for one loan is also used as collateral for another loan. The fourth level is the FintruX Ultimate Protections Service. FintruX Ultimate Protections Service is the reserve to secure the lender with the 5% of the total tokens of FintruX as a worst case scenario if all the other three levels fail to pay back the lender.
What is the name of the tokens of FintruX?
The name of the tokens of FintruX is FTX.
What are the uses of FTX?
FTX will be used on all transactions by the borrowers and lenders in the FintruX platform. The lenders can also make a reward and punish system by giving FTX for early payments or take FTX for late payments by the borrowers. The guarantors can also earn FTX by committing to the lenders when the time comes. Since FTX will be consumed on all transactions, it’s like giving back the FTX to FintruX. In this way, FintruX will continuously earn because they can also sell again the FTX to the borrowers or lenders.
How much is the price per FTX?
1,518 FTX per Ethereum, that is around $0.64 per FTX plus 1.2% bonus as of this writing ($974/Eth).
What is the maximum supply of FTX?
They have a maximum supply of 100,000,000 FTX.
Disclaimer: This is not an investment advice. Invest at your own risk. Invest only the amount you can afford to lose.
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Website: https://www.fintrux.com/
Whitepaper: https://www.fintrux.com/home/doc/whitepaper.pdf
Facebook: https://www.facebook.com/FintruX/
Twitter: https://twitter.com/FintruX
Telegram: https://t.me/FintruX