FinWhaleX is a crypto-fiat P2P loan platform that provides access to loans anywhere and anytime

Agustus 09, 2019

FinWhaleX is a crypto-fiat P2P loan platform that provides access to loans anywhere and anytime. The FinWhaleX platform allows you to take or provide loans and is a mediator and not a bank.

How to Work FinWhaleX

1. You place a loan application

When making your loan application, the Borrower sets parameters according to his choice (amount, interest rate, period, etc.). We recommend evaluating the parameters of other applications that have been placed on FinWhaleX - lenders choose the most profitable application for themselves. You can choose when to secure a loan application with collateral. There are two ways available. On the one hand, you can place a guaranteed loan application that is more attractive to creditors. On the other hand, you can transfer the amount of collateral required after the creditor receives your application. When placing a loan application, you need to pay a transaction fee of 0.5% of the loan amount depending on the loan period.

2. The lender accepts your loan application

All creditors guarantee to fulfill their obligations for the application received. After the lender accepts the application, FinWhaleX will generate a special multisig address where your collateral (bitcoin) will be stored until the end of the loan period. Each party only has one private key for multisig addresses. Multisignature (multisig) refers to requiring more than one Private key to authorize Bitcoin transactions. This guarantees that no one can access a guarantee that has only one Private key.

3. You return the money within the term of the loan

After repaying the loan, you automatically return the deposit to yourself. Nobody can use your bitcoin until the loan is repaid - they are frozen in a special wallet. You cannot return a loan, if it is not profitable for you. If the bitcoin rate hasn't gone up or down, then you can refuse to pay back the loan. In this case, the guarantee only falls to the lender, and your loan obligations are paid off.

Token info

Token name: FinWhaleX

Symbol: FWX

Type: ERC20

Platform: Ethereum

Token Distribution:

-56% for sales

-17% for the team and advisor

-15% reserve

-12% Marketing and PR