· April 16, 2018 · 1:00 pm
ETHLend Announces Support for Crypto-to-Fiat Lending
With the rise of cryptocurrency, many people have staked out their position to belonging to one of two camps: virtual currencies or fiat. However, a bridge between these camps is emerging as ETHLend is adding crypto-to-fiat to their loan options.
On Friday, popular lending platform, ETHLend, announced plans to introduce fiat financing to their lending system. This announcement came after copious amounts of requests from the ETHLend community for the addition of this branch of financing on the platform.
🚀BREAKING NEWS: ETHLend Expands to FIAT Lending: Licensing Process Has Initiated
Details about how ETHLend will provide additional compliance to cryptolending market and broadening our lending operations to FIAT lending in the link:— ETHLend (@ethlend1)
However, before this happens, ETHLend will have to obtain the required licenses and support from worldwide governments. The team at ETHLend has begun the process to obtain licenses from most countries in the European Economic Area (EEA). The list is pretty extensive as the :
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.
Along with the countries in the EEA, ETHLend will also start work in the US (on a state-by-state basis) as well as certain countries in Asia in an attempt to reach a wider market who has need of the services offered by ETHLend.
This new chapter in the ETHLend legacy will help the project alter its business model, making the platform attractive for potential users. Despite this, this was not always the plan that the ETHLend developers had in mind for the project, with the ETHLend blog stating:
Our initial goal was to provide cryptocurrency lending with the use of digital assets as a collateral for the loans.
Despite this, the integration of fiat financing for cryptocurrency collateral has been celebrated by those who are in the know in the ETHLend community. Reddit user ‘butterfinguz’ :
This is BRILLIANT. This was my only gripe with (ETH)Lend, the world is still a year or two away from mass adoption of lending/borrowing in crypto assets, in order to compete in the current market you still need to appeal to fiat.
The team at ETHLend mentioned how their goal was to push for a more transparent and efficient system for lending in the industry.
To prove this point, Stani Kulechov, the CEO of ETHLend, mentioned on Twitter that other lending smart contracts are dwarfed by the ETHLend smart contract, which outperforms the others by over forty times in terms of the smart contract code base.
What learned from : is disruptive in and . However not many projects utilising the potential. definitely most decentralised in lending, our code is over 2000 lines vs others 15-50 lines. The future is !
— Stani Kulechov (@StaniKulechov)
The lending platform notes that crypto-to-crypto lending has exploded in popularity, and they felt it was time to integrate fiat into their loaning process. The main focus is on creating a safe space for those seeking to engage in cryptocurrency-related lending. One such means to ensure that safety is to add Know Your Customer (KYC) protocols to the system, which will also help with data protection laws that are currently in effect.
One benefit of this new feature should be the propelling of further integration between and fiat. Not to mention the increased benefits and uses of virtual currencies.
With the addition of fiat to cryptocurrency-based financing, do you think that this will help to propel ETHLend and/or the cryptocurrency space in general? Can cryptocurrency and fiat completely co-exist in an integrated financial ecosystem? Let us know in the comments below.
Images Courtesy of Pexels, ETHLend, Twitter/@StaniKulechov, and Twitter/@ethlend1.
Published at Mon, 16 Apr 2018 17:00:08 +0000
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Ending the Federal Reserve from the Bottom Up
mises.org / / March 31, 2017
Since its inception, the U.S. Federal Reserve’s monetary policies have led to a decline of over 95% in the purchasing power of the U.S. dollar. As a result, there have been several attempts to curtail or eliminate the Federal Reserve’s powers (e.g., the efforts of Rep. Louis T. McFadden in the 1930s; the efforts of Rep. Wright Patman in the 1970s; the efforts of Rep. Henry Gonzalez in the 1990s; and the efforts of Rep. Ron Paul since the 1990s). However, none have proven successful to date, due mainly to the constraints of strong political opposition at the national level. In contrast to these “top‐down” attempts at the national level, this paper proposes an alternative approach to ending the Federal Reserve’s monopoly on money: the “Constitutional Tender Act,” a bill template that can be introduced in every state legislature in the nation, returning each of them to adherence to the U.S. Constitution’s “legal tender” provisions of Article I, Section 10.
This approach would have a greater likelihood of success for a number of reasons. First, it is decentralized: rather than facing concerted political opposition at a single Federal level, it attacks the issue at the State level, where strategies and tactics can be adapted to the types and amount of political opposition they encounter. Second, it is diffused: it can be attempted in any number of States, which can cause the opposition to spread its resources much more thinly than would be necessary at the Federal level. Finally, it is legally sound: it relies on the U.S. Constitution’s negative mandate in Article I, Section 10, that “No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts.” Therefore, in contrast to “top‐down” attempts to “end the Fed,” a “bottom‐up” approach using “constitutional tender” laws will find greater success.
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