StartUP Bits is a Blockchain project for Distributed Loans Provider based on the Ethereum Smart Contract.
Here is an example for how this distributed loan platform works:
Everywhere in the world, people have money laying about in the banks without an idea on what to use it for, in terms of investing. Also world over, people with great business ideas are grounded because they are unable to raise funds to pursue their dreams and business ideas.
StartUp Bits helps to bridge that gap.
If Taiwo needs a loan of say, ₦100,000, he can take ₦15,000 from Emeka, ₦35,000 from George and ₦15,000 from Idris. And the rest from other members of the community
Emeka, George, and Idris will all get an agreed percentage returns on their investment into Taiwo's business as agreed. Typically 18-21 percent per annum.
In the end, Taiwo is happy and fulfilled, while Emeka, George and Idris are happy to help someone dreams become a reality as well as received returns on their lay about money which their banks will neve have given them.
StartUP Bits have basically two groups of users viz;
- loans requestors/ borrowers
Every requestor submits a loan request detailing on the purpose of the loan, and repayment plan. All borrowers on the platform are carefully checked. This includes a video identity verification and a thorough credit worthiness assessment. Their BVN (Bank Verification Number) is used to match the submitted data. Our risk assessment unit will perform due deligence and KYC and report on the qualifications of the applicants.
The users will use the main crypto currencies for their money transfers:
Bitcoin, Litecoin, Ethereum, Ripple
More crypto currencies can be included in the future.
All loans contracts and transaction are nortorized and stored on the Ethereum Blockchain.
Unlock high interest rates
Banks offer historically low interest rates on fixed term deposits. The actual return is often negative when inflation is taken into account. StartUP Bits lets you avoid losing capital with interest rates of 10% to 35%. The expected return is approximately 20% per year in a diversified portfolio after bad debt. You can choose from loan terms of 6 weeks to 5 years. All of this while you help entrepreneurs to grow their business and make their dreams a reality.