Frequently Asked Questions

BlockLoan Decentralized Crypto Loans Social Cover

Here are answers to the most common questions.

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BLOCKLOAN

What is BLOCKLOAN (in laymans terms)?

The BLOCKLOAN platform will connect borrowers directly with lenders, creating genuine efficiency, bridging the cash and crypto gap, anywhere, anytime.

At BLOCKLOAN are building banking on blockchain technology to help solve access to credit globally.

Why will BLOCKLOAN be successful?

BLOCKLOAN is backed by the technology smarts, speed to market learnings and world pioneers in blockchain, crypto, AI and financial markets of the Lodex.co team.

 

The Lodex platform already has over 50 000 members and over $400 million in loans auctioned, within 10-months. It’s proven the need for a different way of accessing loans and deposits and has disrupted the financial industry in Australia. We are now evolving this platform and creating a blockchain global solution.

What is the BLOCKLOAN product roadmap?

Our current roadmap is as follows;

  • Secure Transactional Wallet – A smart wallet for your assets now and in the future
  • Debit Card to access and transact day to day using your crypto funds
  • Personal Crypto-fiat Loans using your crypto as collaterals
  • Crypto Margin Lending using your equities as Collateral in order to invest in crypto assets

We’ll outline further details of these products shortly (along with expected timelines).

Who is BLOCKLOAN for and how do I participate?

You! Once we go into our public sale BLOCKLOAN is for the person who wants to open a highly-secure crypto wallet, or use their crypto for day to day transactions, or leverage their crypto holdings to take out a loan in fiat without selling their cryptos or even who wants to invest in cryptocurrencies without selling their existing equities.

What’s required to join the pre-sale?

To join the pre-sale you must register and undertake KYC (Know Your Customer) with us to join the whitelist. Once whitelisted you will be able to participate in the pre-sale.

What sort of loans can I access as a borrower?

Through BLOCKLOAN users can access fiat and crypto loans by using their crypto as collaterals as well as crypto margin loans by using their securities (equity portfolios) as a collateral in order to invest in the new asset class of cryptocurrencies. These products are expected to be available in 2019 (subject to completing the token offering).

Crowdsale, Token & Platform

What documents do I need to provide to complete KYC?

We will require a copy of your passport, national ID card or drivers licence as well as a photo of yourself.

How long will it take to get KYC verified?

It takes approximately 72hrs to get KYC verified assuming all copies of documents provided are clear and correct.

How many tokens will be sold in the ICO and will unsold tokens be burnt?

There are a total of 500,000,000 BLL tokens of which 66% will be sold in the ICO as follows:

  • 62,500,000 in the private sale
  • 150,000,000 in the presale
  • 117,500,000 in the public sale

Any unsold tokens will be burnt.

Are there any lock-ups for ICO participants?

Lock-ups will be:

  • 6mths for pre-sale participants
  • No lock-up for public sale participants

Is there a minimum or maximum contribution for participants in the Public Presale and Public Sale?

Minimum contribution for the Public Presale will be US$2000 (or the equivalent in ETH). No maximum contribution has been set at this stage.

 

Minimum contribution for the Public Sale will be US$500 (or the equivalent in ETH). No maximum contribution has been set at this stage.

What cryptocurrency will I need to participate in ICO?

Blockloan will only be accepting ETH as part of the ICO in exchange for BLL tokens.

When after crowdsale will I be able to buy or sell BLL tokens on exchanges?

We expect the BLL token will be listed on exchanges within a few months after the close of the public sale.

What exchanges will the BLL token be listed on?

We are in discussion with several exchanges to list the BLL token. Our aim is to be listed on as many of the largest cryptocurrency exchanges as possible in order to provide liquidity for the BLL token. We will keep you updated as we progress with agreements.

What will the BLL token be used for?

The BLL token will be used to pay for services on the BLOCKLOAN platform and to obtain priority membership that will offer discounted services and benefits.

How does BLOCKLOAN compare to its competitors?

Please refer to comparison table in white paper here .

What benefit does using a cryptocurrency have on your business model?

The primary benefits of the tokens are reduced transaction costs as banking system transfers are eliminated.

How do you plan on accounting for your token in your financials?

A detailed financial model is being developed, however the BLL Tokens will be used by participants in the system to pay for loan fees, application and processing fees. Funds raised will be accounted for as pre-sales for services and recognised as revenue as the funds are expensed for development of the platform as per standard accounting practices

How do you plan on implementing a stablecoin into your ecosystem?

Stability of loans will be done via a secondary tier of tokens BLLX which will be a platform token to be denominated in a Fiat base currency or basket of currencies. As this token cannot be as yet traded externally this tokens pricing would remain stable without the use of external stablecoin models.

Why have you chosen to create your own stablecoin rather than using Tether or MakerDAO?

The simplest model at this stage is using the tier 2 tokens (however these maybe scope to integrate a 3rd party stablecoin into the ecosystem if there was a future need).