The Libra Credit Platform is a decentralized lending ecosystem that facilitates open access to credit anywhere and anytime. The platform is based on the Ethereum Blockchain.
First I want to begin by looking at the pros for this project.
We can see that Libra Credit gives blockchain asset holders access to liquidity without them having to sell their tokens.
The Libra team does have sufficient experience in technology, payment and banking. This does make Libra Credit executable in my opinion. If all these people are in fact involved with Libra then it’s a very solid team.
However I do want to point out I could not confirm all the team members. I did reach out to all team member and only a few got back to me. That is something to bear in mind.
The LBA token is the native token on the Libra Credit Platform. It’s to serve the following purposes on the platform:
Allow borrowers submit loan applications.
Will be charged a service fee for every successful transaction on the network.
As rewards to stakeholders (developers and referrals).
Token will also be used for voting on specific projects/proposals to facilitate the development of the platform.
During the loan period, you make weekly payments towards settling the debt. When the total amount is repaid, you get your locked up tokens.
The team behind Libra Credit has a track record in digital credit services across Asia. Powered by its big data, AI-based credit assessment technology and a global partnership network. With these, Libra Credit can realize its mission.
Conclusion
The Libra Credit platform is set to make lending easier and loans more accessible to more and more individuals around the world.
The exciting part is you don’t have to spend your cryptocurrencies if you don’t want to, you use it as collateral for getting fiat currencies, and when you pay back, you get refunded all of the cryptocurrencies you have deposited.
This is great for long-term crypto investors. They get funded for whatever project they have at hand while having the value of their cryptocurrencies increase on daily bases.
The best part is anyone from anywhere in the world can get access to these loans.