BlackChain To Build P2P Crypto Lending Platform With Prometheus
BlackChain Solutions, a financial analytics and risk management company, has announced that it will use the Prometheus technology of DMG Blockchain Solutions Inc., (TSXV: DMG) to build a P2P cryptocurrency lending platform. In this regard, BlackChain Solutions has signed a letter of intent with DMG to acquire a license from the latter. The licensing agreement gives BlackChain Solutions exclusive rights to use the technology for P2P lending. In return, DMG will receive royalties on revenues generated by BlackChain. Both parties are hopeful of reaching a definitive agreement by May 15, 2018.
The silicon valley based tech giant Blockseer developed Prometheus, a next-generation development platform for browser-based DApps. It is also one of the first browser-based technology developed by a Silicon Valley company. Blockseer, which was founded by a team from Harvard and Stanford, among others, was acquired by DMG in 2018.
The P2P cryptocurrency lending platform enables users to get connected on the blockchain via an ordinary web browser such as Firefox or chrome. The BlackChain team believes the platform would considerably reduce the entry barriers in the trillion dollar lending market.
Commenting on the licensing agreement, Daniel Reitzik, CEO and Director of DMG said
“We are extremely pleased to be partnering with BlackChain on their first commercial venture. Prometheus represents the next generation in blockchain technology, whose simplified, browser-based platform is opening up whole new markets in the cryptocurrency space. We hope that this LOI will be just the beginning in a growing relationship between DMG and BlackChain.”
Integrated with BlackChain’s P2P Lending Platform, Prometheus opens the door to cryptocurrency asset lending between individuals, without the need of traditional banks. The cryptocurrency lending platform also provides an opportunity for users to convert their crypto holdings into a yield-bearing asset.
Zayn Kalyan, BlackChain’s Chief Technology Officer said
“DMG and Blockseer have developed a truly next-generation blockchain platform with Prometheus. As the crypto space matures, evolutionary approaches to system design will be the foundation for growth. Prometheus will enable BlackChain to deliver a cutting-edge product in our P2P Lending Platform. We look forward to working with DMG on other projects in the future.”
Petar has spent the last few years following rise of cyptocurrencies, lending insights to the potential icos coming to market as well as how current currencies are operating. Petar background is in the finance sector and is a banker by trader so money is always on the mind.