back Back

Revolutionary DeFi BankSocial launches on Ethereum Blockchain

By Pavithra R

May 31, 2021

  • America
  • Revolutionary
Share

Revolutionary DeFi BankSocial launches on Ethereum BlockchainBankSocial, a peer-to-peer social consensus lending platform that aims to revolutionize the way the blockchain is used for lending, has unveiled its first peer-to-peer social consensus lending platform to be secured by the Ethereum blockchain.

BankSocial’s community-driven approach to borrowing aims to replace antiquated lending practices by rewarding staked community members for financing loans. Utilizing advancements in blockchain technology, itss peer-to-peer lending platform aims to begin issuing loans in 2022.

BankSocial’s innovative funding network continually creates value for its members, known as token holders, and utilizes BLOCKSCORE technology to determine borrower creditworthiness. A borrower’s BLOCKSCORE will be used to determine their eligibility to receive asset-backed loans for home mortgages, automobiles, small-businesses, real estate, and other collateralized lending products. Its token holders will approve loan requests through a next-generation tokening consensus system, truly decentralizing the lending system.

Enabled by true decentralization, BankSocial token holders will serve as lenders and will receive monetary disbursements from the interest paid on loans by borrowers proportional to the number of tokens they hold. Additionally, token holders are rewarded for remaining in the BankSocial community by receiving a fractional distribution of all token purchases and sales.

“We intend to change the landscape of how lending works. As a community-driven organization, BankSocial is charting the path for blockchain secured decentralized lending, which will yield benefits for our $BSOCIAL token holders and our borrowers. While we work towards full implementation of our lending system, individuals can join the BankSocial community as self-management and community consensus protocols are finalized. We’re turning lending upside down, it’s evolutionary,” said John Wingate, the CEO of BankSocial.

BankSocial is the first and only decentralized banking and finance platform built from the ground up on the Blockchain, that pays the banks members for holding tokens to fund loans. The company is currently developing an app for the community to make BankSocial easier for their investors to keep track of their assets.

Previous Article

May 31, 2021

IDEMIA forays into Japanese payment cards industry; unveils first banking card

Read More
Next Article

May 31, 2021

4 ingenious FinTech companies in the UK lending ecosystem

Read More










IBSi Daily News Analysis

The Weekly Wrap

March 24, 2023

America

The Weekly Wrap: all you need to know by Friday COB | March 24th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 24, 2023

AccesBanque taps Compass Plus Technologies for ATM acquiring & card management

Read More

March 24, 2023

Unifimoney and First Fidelity Bank announce enhanced yield savings program

Read More

March 24, 2023

Lithuania’s Climate Tech HeavyFinance closes €3m seed round

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q4 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q4 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q4 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q4 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022