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Blockchain pioneer Lakeba Group has partnered with an auction-style loan and deposit marketplace to develop a platform designed to enhance competition among lenders.
Through the partnership dubbed BLOCKLOAN, Lodex will be able to connect borrowers directly with lenders, allowing users to leverage their crypto assets.
“Blockchain and crypto are triggering a societal and economic shift and this will only increase,” said BLOCKLOAN co-founder and co-CEO Michael Phillipou.
“Financial institutions are failing to address the market need and we believe it’s time for a new solution. Consumers of traditional institutions need more choice in lending interest rates and with two billion people having no access to credit, something has to change. BLOCKLOAN’s mission is to solve a fundamental credit access problem, globally,” he added.
Lakeba is known as one of the first software companies in Australia to have live commercial blockchain solutions across multiple sectors. The Lakeba Future Hub, which has secured the contract with BLOCKLOAN, is a consortium formed and led by Lakeba, including technology, law, taxation and educational firms, with a focus on accelerating blockchain adoption and development by Australian businesses.
Darren Younger, Lakeba chief growth officer and head of the Future Hub, said the banking and finance industry is the most obvious sector to take advantage of Lakeba’s focus on accelerating blockchain development across all industries.
“Our partnership with Lodex in developing the BLOCKLOAN platform, will facilitate a decentralised, transparent, low-cost way of lending and borrowing through cash and crypto,” he added.
