Spencer Kellogg | United States
Libra Credit Network (LBA) is a decentralized ecosystem built on the Ethereum blockchain that provides a platform for lending and borrowing. According to the stated mission of their whitepaper (here) is to create a network that enables “Credit For The Real World” and the team of financial experts and software pioneers boast over 5 years of working experience in the Asian payment market.
Some financial analysts have suggested that the entire cryptocurrency market cap could be worth more than two trillion dollars by the year 2020 and estimations for the global credit market are similar. With the increasing value and volume of cryptocurrency markets, a new class of digital assets has been created and traditional financial services will have to adapt.
Enter Libra Credit Network.
Libra’s roadmap shows an impressive plan of action over the next two years that will include a desktop crypto-to-crypto/lending platform launching in Q3 of 2017 and the full mobile app coming online in Q4. By 2020, the team hopes to have their platform fully functional and will use their network of global financial partnerships to grow the business. Included in those partnerships is FGB Capital, a leader in digital asset management who has invested in numerous successful cryptocurrency projects over the past year.
When considering a cryptocurrency project, it is important to research the team behind it. Libra boasts one of the strongest teams you will find in the startup cryptocurrency community. CEO & Co-Founder Lu Hua has deep connections with the Paypal industry of China and COO Dan Schatt was the Chief Commercial Officer at Stockpile Inc. Their blockchain architect Howard Wu was a software engineer at Google and listed on Libra’s advisory board is Shouji Zhou, a founding partner of FGB Capital.
No official announcement has been made regarding the whitelist and ICO details. While the presale has already been completed, potential investors are still waiting for complete details of the public sale to be offered. Speculation has rampant on their Telegram group regarding when the group’s ICO will be performed with some suggesting a date of May 1st of 2018. For more information on the ICO details, please follow this link to Telegram.
Libra’s team will be at this year’s 1st Blockchain Asia Meetup where they will be on display with other innovative projects like Zillqa, Data & Cortex. With a two million dollar backing from FGB Capital and a niche market that has yet to be filled, Libra seems poised to be a major disruptor in the field of crypto lending and borrowing.
With a planned launch of their service in July of 2018, Libra will provide first to market financial services that will provide inclusion while lowing the cost of service throughout the global crypto lending community. On page 11 of their whitepaper, Libra Credit Network lays out a simple 5 step method for digital lending on their platform. Also in the whitepaper, is a cheat sheet that helps investors learn more about the competitive advantages LBC holds over similar projects in the cryptocurrency community.
For more information on Libra, please follow this link to their website.
*This is solely my opinion and should not be taken as financial advice. Please do all of your own research before investing in any project.
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