Sweden is at an advanced stage in creating the first government-controlled cryptocurrency.
It is also in Sweden where CryptoLoan from VIA SMS Group will be used to transform people’s lives financially. CryptoLoan is a smart lending product which offers Bitcoin-secured loans. With CryptoLoan, Bitcoin investors will enjoy the value of their cryptocurrency without having to sell their Bitcoins. The product will at first be only available to Swedish residents. Other European countries will start enjoying this extra asset liquidity feature on their crypto asset shortly after.
The Managing Director of VIA SMS Group, Justas Luzeckas said that CryptoLoan will be a huge gain for Bitcoin investors because it offers one freedom to enjoy the benefits of investing in crypto without disposing of their cryptocurrency. Sweden has been favored by VIA SMS Group because of the company’s experience there, and its position in the Swedish lending market. Moreover, Sweden is technologically advanced when it comes to blockchain, he added.
The first phase of the project
As reported by NyeCasino.ninja, CryptoLoan will offer online loans to Swedish residents. Bitcoin will be used as the collateral to the loans. The company, however, plans to expand to the rest of Europe soon. The company will also work on expanding the list of acceptable collateral (cryptocurrencies). Residents from outside Sweden can sign up for news from the group and they will also get exclusive opportunity to be the first to try the product once launched in their respective country.
The maximum loan available on the CryptoLoan platform is SEK 150,000. The loan repayment term is 2 years. The borrowing process involves a person using an online calculator to manually pick the loan amount. Some calculation will be done after which the borrower will be notified of the required collateral. After the loan is secured, the borrower will receive the loan requested. Upon repayment of the loan, CryptoLoan returns the Bitcoins which were used as collateral to the borrower’s wallet.
According to the founders of CryptoLoan, the main advantage of to be enjoyed is simplicity and transparency. For the many people who really appreciate the benefits that CryptoLoan has to offer, accessing loans will be easy and fun. The use of a new class of assets to secure loans is also a big benefit that CryptoLoan can boast of.
VianConto Sweden AB which is the firm behind CryptoLoan is part of VIA SMS Group. The group markets itself as an alternative financial services provider across Europe. Poland, Sweden, Spain, Romania, Czech Republic and Latvia are the places where the Group offers lending services. It also operates a peer-to-peer lending platform VIANVEST and credit card line SAVA.