Using smart contracts, they will eliminate intermediaries and their associated costs that are currently included in every step of the loan process. The FX platform will operate globally with fiat currency support starting with USD, AUD, CAD & CHF which gives them an edge over other existing global lending platforms i.e IDR p2p or ETH p2p. This makes it easier for borrowers to receive loans across multiple jurisdictions without incurring additional fees or cost.
The FX team aims to improve upon the current traditional system by creating a new network where anyone who needs money can take a loan from anyone who has capital - creating peer-to-peer network and on-demand liquidity. This would not only solve the financial issues of small businesses and startups but also significantly impact underdeveloped countries where lack of access to capital is a major barrier for economic growth.
The FintruX Network will link borrowers, lenders, and guarantors (collectively referred to as participants ) around the globe using Ethereum blockchain technology . As the network expands, they plan to offer loans in fiat currency with support for USD, AUD, CAD & CHF upon launch.
Furthermore, they aim to create more advanced features such as digital wallets, online reputation management system and debt trading for more efficient secondary market trading and additional sources of revenue.
By leveraging smart contracts and their p2p protocol , their platform will eliminate counterparty risk, reduce high operating costs of traditional lending platforms and eliminate the need for multiple lenders/funding sources to fund one loan.
Token Allocation : 1 Billion FTX tokens are minted at the end of token sale out of which 60% i.e 600 Million tokens are allocated for ICO, 10% i.e 100 Million tokens are reserved for bounty programs & 20% i.e 200 million tokens are allocated for team members, advisors & early investors. Remaining 10% is dedicated to platform development with no further token minting after the ICO ends. Team : The core team of FintruX Network consists of 4 members who have proven themselves in their respective fields previously which can be seen on the website's Team page along with the details about all the advisors guiding them in various aspects of business . It also has a strong advisory board which includes highly experienced persons from both crypto and traditional business including Jor Law , Matt McKibbin & Jason King. Partners : To date, the fintrux network has partnered up with a number of companies including ICOBox, Ambisafe , Krowd Mentor & Blockchain Partners Korea which can be seen in the Partners section of their website. Their official blog features a list of another 24 partners assigned with different tasks.
The platform aims to solve many problems existing in the lending industry such as high interest rates, scams, frauds and lack of transparency via its unique protocol that allows for all transactions to happen seamlessly between lenders & borrowers without any intermediary involved (which is not mandatory). It also provides protection against defaulting loans by initiating insurance policies on financed assets or rather employ Debt Recovery Processes which gets triggered when borrower starts missing repayments. Users get rewards for successful loan repayment & penalized for delayed repayment. This entire process is automated with smart contracts & also acts as a plus point for investors to earn higher returns with FTT token which itself is expected to appreciate in value over time thanks to its limited supply of only 1 Billion tokens.
