In late 2017, more precisely December 9th, youtube channel Press for Truth conducted an interview with both the Co-Founder and CMO Conrad Lin and the Founder and CEO Nelson Lin, which holds a whopping 30 years of experience in financing software delivery.
FintruX is a Peer to Peer lending platform based on the Ethereum blockchain technology. This project is trying to improve and further secure the lending and borrowing business, as well as facilitating the request for loans by small individuals or startups. While in many cases, startup companies or individuals, specifically with low profit, have a hard time requesting a loan from a bank, FintruX intends to solve this by easing the process and lending to a much broader audience.
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So where is the platform going to be? (Offices)
FintruX currently has 2 offices, one being in Vancouver, Canada, and the second being in Singapore. The reason why FintruX had an office made in Vancouver, Canada is because it has connections on Canada and can get a push of help. However, Singapore is more important because it’s closer to 3 big financial hubs, or where financing is needed the most, Indonesia, India and China. Those 3 places are critical since the borrowers are hit by issues like really high interest rates, having to deal with lone sharks (which have no regulation and might hurt you or kill you if you don’t pay back or are late to pay the required sum). FintruX wants to serve the underserved and give them the safe financing they need.
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The Founder, Nelson Lin, followed up by explaining a little bit, in detail, the model through which FintruX will work.
By using the blockchain, the people can have more control, as well as transparency. By putting a lending platform on a blockchain, FintruX is giving people the choice of selecting the best lenders. The borrower can see that the lenders have ratings, basically a reputation system. This reputation gives a trust level and helps when making a decision. This encourages lenders to build up a good reputation, so they can be seen as the good guy and thus, provide for more customers. On the other hand, borrowers will be sure to get their money if they can prove they can pay back.
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How are smart contracts, and Ethereum, going to revolutionise this industry?
Ethereum as a whole is a distributed decentralized ledger. The idea is that instead of having all your info held by one entity or corporation, which can eventually sell that information, you can control and hold your information. The idea of a smart contract is that you put out a program on the blockchain and nobody can touch it, it’s immutable, transparent and censorship resistant. With that, people can have a lot more control over their data and thats why using a blockchain based technology is the way to reach and build what FintruX wants to become.
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How do the tokens work?
FintruX tokens are the entrace to operating in FintruX. You (borrowers and lenders) need tokens to participate in this platform and when people get a lend, they get it in FTX tokens. And, on top of that, the agencies that collaborate with FintruX also get paid in FTX.
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What are the largest benefits for the lender and borrower?
Borrowers benefit from a drastically lower interest rate when compared to a bank or loan shark. Startups have trouble getting money from banks due to several rules, but now, the loan is backed by more security and FintruX 4 layers.
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Is the market transparent and automated?
FintruX is going to be open sourcing all the smart contracts that they generate. The idea behind it is that instead of having one giant system for many different loans, each loan has its own system. Open sourcing means borrowers or lenders can carry around the info and verify the smart contracts with their lawyers or whoever they want to, thus, allowing for verification that the smart contract is agreed to do exactly what it’s meant to and not to fool or find a way to exploit one of the involved parties.
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What are the pre-sale funds going to be used for?
The funds from the pre-sale are going to be used to launch the FintruX prototype, which will be available before the actual token sale in February.
Furthermore, the FintruX crowdsale will be starting pretty soon, on the 7th of February of 2018. The crowdsale mechanism will lock itself once the 25 million USD goal is reached, which means that the sale won’t be affected by the ETH price (currency used to purchase the ICO token).
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