Given the current levels of interest in cryptocurrency, some financial pundits are envisaging a migration of financial services from the institutional world to the world of crypto assets, such as Bitcoin and ethereum.
One startup that believes it is perfectly positioned to capitalise on this trend is London-based Lendingblock, which enables holders of crypto assets to lend them out and accrue interest on their holdings, while giving borrowers access to the assets they need without having to buy them outright.
The business was founded last year by Wall Street veteran and entrepreneur Steve Swain and Linda Wang, a Cambridge and UCL graduate who studied computer science before joining deep tech accelerator Entrepreneur First, where she founded her first company, Lendr.
The pair first met when Swain became an advisor to Lendr, which provided a reverse auction platform for mortgages, connecting borrowers and lenders in a similar way to Lendingblock, eliminating the need for intermediaries. At the time Swain was a partner at Deloitte specialising in fintech and regulatory technology, whilst Wang had been working in blockchain product development since 2014.
“Our joint experience and exposure to cryptocurrency allowed us to identify the opportunity and need for a trusted lending marketplace,” says Wang. “It was clear to us that just like in the traditional capital markets, as a market that generated $4 billion of revenue in 2017, the crypto economy required a parallel financial service for securities lending.”
The founders worked on the premise that the market of cryptocurrencies and digital assets would follow a similar evolution in the credit markets, but with a faster rate of adoption due to the rapid speed of market development.
Swain says: “Last year saw rapid growth in the scale of the cryptocurrency, driven by the rise in price of established coins and new coins entering the marketplace through Initial Coin Offerings (ICOs), which generated $2 billion in initial investment. As the first exchange for crypto asset-backed loans we think that we meet the needs of institutional and individual borrowers and lenders in the crypto economy.”
While the blockchain rise to mainstream prominence appears to be a recent phenomenon, distributed ledgers themselves are actually a mature, well peer reviewed technology.
">Given the current levels of interest in cryptocurrency, some financial pundits are envisaging a migration of financial services from the institutional world to the world of crypto assets, such as Bitcoin and ethereum.
One startup that believes it is perfectly positioned to capitalise on this trend is London-based Lendingblock, which enables holders of crypto assets to lend them out and accrue interest on their holdings, while giving borrowers access to the assets they need without having to buy them outright.
The business was founded last year by Wall Street veteran and entrepreneur Steve Swain and Linda Wang, a Cambridge and UCL graduate who studied computer science before joining deep tech accelerator Entrepreneur First, where she founded her first company, Lendr.
The pair first met when Swain became an advisor to Lendr, which provided a reverse auction platform for mortgages, connecting borrowers and lenders in a similar way to Lendingblock, eliminating the need for intermediaries. At the time Swain was a partner at Deloitte specialising in fintech and regulatory technology, whilst Wang had been working in blockchain product development since 2014.
“Our joint experience and exposure to cryptocurrency allowed us to identify the opportunity and need for a trusted lending marketplace,” says Wang. “It was clear to us that just like in the traditional capital markets, as a market that generated $4 billion of revenue in 2017, the crypto economy required a parallel financial service for securities lending.”
The founders worked on the premise that the market of cryptocurrencies and digital assets would follow a similar evolution in the credit markets, but with a faster rate of adoption due to the rapid speed of market development.
Swain says: “Last year saw rapid growth in the scale of the cryptocurrency, driven by the rise in price of established coins and new coins entering the marketplace through Initial Coin Offerings (ICOs), which generated $2 billion in initial investment. As the first exchange for crypto asset-backed loans we think that we meet the needs of institutional and individual borrowers and lenders in the crypto economy.”
While the blockchain rise to mainstream prominence appears to be a recent phenomenon, distributed ledgers themselves are actually a mature, well peer reviewed technology.
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