Cryptocurrency holding company Integrated Ventures wants to disrupt the lending industry with blockchain.
The company announced news on Monday (Dec. 18) of the launch of CryptoFunder, a blockchain platform that provides lenders with a way to store and manage lending information.
“The CryptoFunder blockchain will be focused on qualifying, initiating, underwriting and processing funding transactions, including tracking … digitally mined assets and using them as [a] main mode of payment for business loans, lending contracts and convertible debt notes,” the company said in its announcement, adding that Integrated Ventures is mining several digital currencies itself, including bitcoin and Ethereum.
In a statement, the firm’s CEO, Steve Rubakh, said CryptoFunder is the company’s first step into the world of blockchain technology after initiating digital currency mining operations.
The cash flow that stems from that mining activity, Rubakh said, “will allow the company to develop this disruptive technology as well as to accumulate multi-coin inventory.”
“We plan on leveraging our cryptocurrency mining operations with [the] goal to become an established player in … blockchain technologies,” the CEO continued. “The CryptoFunder lending platform is a prime example of how blockchain-based technologies can be leveraged to disrupt established industries.”
The blockchain solution will provide a way to store lending data and documents in a verifiable and permanent way, the company said. With the launch of CryptoFunder, Integrated Ventures said it hopes to launch joint ventures with software development firms.
“The company is in discussions with multiple lending partners with the plan to commence a beta test, which consists of a funding round,” added the CEO.
Other companies have explored blockchain for the corporate lending space too.
Earlier this year, a blockchain consortium made up of BNP Paribas and Societe Generale created Liquidshare, a group that aims to wield blockchain for small business lending. Similarly, another company, Populous, launched near the beginning of the year using blockchain for its on SMB lending solution.