P2P lending is an alternative to the conventional banking model that enables borrowers and lenders to directly connect and satisfy their borrowing and lending needs. P2P crypto lending is akin to conventional P2P lending, except that the former allows its participants to borrow and lend using cryptocurrency. The concept of P2P crypto lending has acquired significant traction and it has already become a multi-billion dollar market.
A P2P crypto lending platform offers various benefits, including the following:
Undoubtedly, the future of the P2P crypto lending exchange is bright and it has also been forecasted that by the end of the year 2020, the P2P lending market will reach $290 billion. The World Bank also reports that there over 3 billion adults who are still unbanked and P2P crypto lending platforms have the potential to bring banking much closer to both banked and unbanked populations.
P2P crypto lending has revolutionized the overall lending industry. Whether you are a start-up, SME, or a large corporation, you can easily start with P2P crypto lending software development. Let us comprehend the business benefits of building a P2P crypto lending platform.
Loan is a necessary banking activity that drives most of the revenue for the conventional banking system. But the level of services offered and complexities involved are beyond the permissioned level. A P2P crypto platform, on the contrary, harnesses blockchain technology, thereby eliminating the redundancy in the banking system and providing platform owners with revenue generation opportunities.
The traditional loan processing system may take up to 10-15 days to complete all the proceedings, which is time-consuming and expensive. P2P crypto lending software expedites the lending process and makes it cost-efficient. Therefore, a huge participation of both borrowers and lenders is observed in these platforms.
Most P2P crypto lending platforms are underpinned by multi-level security to enable secure transactions. Security components majorly include the KYC/ AML verification process, data encryption techniques, JWT encryption, Anti-Denial of Service (DoS), Anti-Distributed Denial of Service (DDoS), Server-Side Request Forgery (SSRF) Protection, HTTP parameter pollution protection, and more.
P2P crypto lending platforms are backed by blockchain technology and are gaining huge traction globally. If you are looking forward to developing a P2P crypto lending exchange, Antier Solutions can help.
We are a leading blockchain and cryptocurrency development company delivering both white label and customized development solutions to our global clients.
Schedule a free demo of our white label P2P crypto lending platformor connect with our subject matter experts to share your business requirements.