Chicago-based alternative lender developing first-ever loan service with Bitcoin as currency
United States, Feb 21, 2021 /AlexaBlockchain/ – Chicago-based alternative lender LQD Business Finance has initiated development of the world’s first Bitcoin business lending platform. This cutting-edge platform will make LQD Business Finance the first company to use Bitcoin as currency for commercial loans.
While Bitcoin can be used as collateral to obtain a loan currently, the company’s platform will be the first to use Bitcoin as a lending currency. LQD Business Finance’s platform will achieve this goal in two key ways.
First, LQD Business Finance will build upon the Provenance blockchain to make the process of documenting and packaging loans more efficient. “Bringing increased efficiency and accuracy to commercial lending at the core of LQD’s DNA. Adding a blockchain to our existing tech-stack enables us to better achieve that goal,” says LQD CEO George Souri.
Second, the company’s platform will lend in Bitcoin. According to Souri, “Major players are now starting to see Bitcoin as a usable currency, and we see this trend continuing. LQD’s platform will allow investors and business borrowers to benefit from this trend by creating a market in which private debt demand and Bitcoin holders can efficiently transact.”
Currently, LQD Business Finance services the private debt market as an alternative lender with custom financing options. The company’s advanced automation software and risk management systems allow for broad-based underwriting to provide loans at three times the speed of competitors.
“While LQD is involved in lending, what we really are is an inventions company looking to bring greater efficiency and accuracy to private debt markets. We see ourselves as the Amazon of private debt. So, our move to innovate in crypto-debt is a natural continuation of our core mission” says Souri.