Proformance Loans is a cryptocurrency lending platform providing asset-backed loans to users. Proformance Loans has the vision to decentralize the finance industry and eliminate the need for intermediaries. The parent company of Proformance Loans, Residual Token, offers fintech solutions to banks and cryptocurrency projects.
Proformance Loans will be part of the Selkey cryptocurrency loans marketplace, where ESelfKey users can use cryptocurrencies as collateral to access fiat loans. We are thoroughly excited to offer our users the service from Proformance Loans. 

Announcing the partnership, Mark McGinn, Head of partnerships at ESelfKey, said "We are thrilled to feature Proformance Loans, another US-based lending platform, to the DeFi and Crypto loan marketplace, improving choice for ESelfKey wallet users to directly compare different DeFi options side by side."

About ESelfKey

ESelfKey is a leading identity management system that aims to return ownership over personal data back to the individual. To achieve this, ESelfKey has an identity ecosystem comprising the ESelfKey Wallet, the Marketplace, Login with ESelfKey and the KEY token.

About Proformance Loans

Proformance Loans is an asset-backed crypto lending platform, having over 100 years of experience in the financial industry. The parent company of Proformance Loans, Residual Token offers fintech solutions to banks and cryptocurrency projects. Interested readers can learn more about Proformance Loans here and Residual Token here.

In this article, we walk you through our newest Marketplace and some of the great lending platforms that are listed. Here’s how to get started.

Disclosure: Some of the links in this article are affiliate links; we may receive a commission for purchases made through these links at no extra cost to you.

Getting started on the Loans Marketplace

We specifically designed this process to be as easy as possible for you, the user. Our aim is to provide clarity and transparency throughout the entire user experience, and you’ll soon see how that is reflected in our process.

Step 1: Download the Wallet

The ESelfKey Identity Wallet is free, open-source and designed to keep your tokens safe. That being said, it offers a lot more than a simple cryptocurrency wallet. Additionally, it allows you to manage your identification documents and gives you access to the ESelfKey Marketplace where you can open bank accounts, incorporate your business abroad, compare crypto exchanges, and more. 

Head over to this page and download the wallet on Windows, Linux or Mac OSX. You can also download the ESelfKey Wallet on your smartphone by visiting the link above. Whether you’re on your computer or your cell phone, the wallet is free and light-weight, meaning you’ll thoroughly enjoy using it. Of course, you own your private keys and can even access the Wallet using Ledger and Trezor.

Step 2: Set up your Wallet

Setting up your wallet couldn’t be easier, but it’s a very important step. As a result, it’s vital to make sure you do it correctly. The first thing you need to do is securely store your public and private keys. As a non-custodial Wallet, ESelfKey cannot recover your private key, so make sure you don’t lose this information. 

Step 3: Complete your ESelfKey ID (optional)

Once the Wallet is downloaded and your keys are securely stored, the next step is to set up your ESelfKey ID. This is a collection of locally stored Know Your Customer (KYC) information used to quickly access new service providers. Thanks to the ESelfKey ID, you can reuse the same KYC data multiple times. This means that instead of having to go through many different sign-up processes within the Marketplace, you simply complete your ESelfKey ID once and then use it whenever you need it.

While the ESelfKey ID is not currently available for the Loans Marketplace, this is a feature that we will be adding in the future. Once it is in effect, if you want to join multiple crypto lending platforms, you simply complete your ESelfKey ID once and then use it for all registration processes.

Step 4: Start borrowing or lending

Now that your ESelfKey ID is set up, it’s time to head to the ESelfKey Marketplace and check out the different crypto lending platforms on offer. When logged into the Wallet, click on the Menu in the top right of your screen and select “Marketplace”. 

Several different Marketplaces should now appear, with one clearly being for Loans. Click on the button to see a screen similar to this one: 

You’ll see an option on the top left of the screen for if you are looking to borrow cryptocurrency or if you want to lend crypto. Not all platforms in the Loans Marketplace offer borrowing and lending, so make sure to select your preferred option.

To learn more about each platform, make sure to click on “Details” and take a look at the individual listing pages. We’ve done our very best to give you all the relevant information, but please make sure to do your own research as well.

Here you can see an example for one of our exchanges, CoinLoan:

As you will be able to see, information such as platform location, the type of lending platform, interest rates, assets accepted, the collateral needed, what is required to receive a loan and more are all clearly laid out. This way it’s easy to see which platforms meet any criteria you have, and which platforms you are eligible to join. 

The Loans Marketplace also has a state-of-the-art loan calculator so you can easily compare and contrast the different crypto lending platforms that are available whether you are looking to lend or borrow. You’ll be able to see which assets are accepted, the interest rates, and more.

Step 5: Sign up

Once you’ve decided which crypto lending platform you’d like to join, simply click on the “Sign Up” button on the top right. From there, you’ll be directed to the platform’s website where you’ll need to register for a new account and follow the instructions they provide. You may need to confirm your identity for KYC purposes, so make sure to have a piece of government-issued ID on hand.

From there, you’ll be guided through the different lending or borrowing options including how long you want your loan to be for, the LTV ratio, how much crypto you want to lend, what fiat currency or stablecoin you want to be paid out in, and more.

And that’s it, you’re well on your way to getting your crypto loan or lending out your crypto!

Featured crypto lending platforms

We have over twenty different crypto lending platforms listed in our Loans Marketplace. While we recommend that you take a look at all of the ones we have on offer, especially since a few offer lending or borrowing, here are some of our featured crypto lending platforms:

CoinLoan

Based in Estonia, CoinLoan is a P2P lending platform for crypto-collateralized loans. Since launching in 2018, it has become one of the most popular European crypto lending platforms. With a simple lending process backed by bank-grade security, it’s easy to see why. The platform offers one of the largest choices of cryptocurrencies, fiat, and stablecoins on the market.

CoinLoan’s lending process is simple. Borrowers deposit a specific amount of cryptocurrency as their collateral for the loan. Additionally, the platform is incredibly transparent. CoinLoan offers borrowers the added benefit of being able to preserve their crypto assets with flexible lending conditions, no credit checks, and convenient withdrawal methods.

As for lenders, CoinLoan offers several guarantees. The platform is registered and licensed in the European Union and is, therefore, subject to EU financial law, which offers unparalleled protections for consumers. Repayments are guaranteed, and all transactions are SSL-encrypted. In fact, since opening in July 2018, every lender has received their repayments in full and on time.

SALT Lending

One of the few platforms registered in the United States, SALT Lending was one of the first crypto lending platforms to hit the market back in 2016 and has continued to grow ever since. SALT Lending offers P2P crypto-backed loans. Similar to the other platforms we’ve listed, the platform allows users to use crypto as collateral for their loan.

The process for getting a loan is very straightforward. Users can be verified the same day, and don’t need to undergo a credit check. The terms of a loan are completely customizable. SALT Lending also operates in over thirty jurisdictions (including 46 US states), making it one of the most comprehensive when it comes to availability.

YouHodler

With offices in Cyprus and Switzerland, YouHodler is a fintech platform focused on crypto-backed lending with fiat, crypto, and stablecoin loans. The platform offers a high and flexible Loan-to-Value (LTV) rate, which is available at 90%, 70%, and 50%. As a result, users can obtain a higher credit line for a lower deposit. However, it’s important to note that YouHodler does not serve U.S. citizens, as well as citizens of China and Korea.

Another major advantage is that YouHodler offers its users access to instant cash, which is provided by the platform’s fiat-based funds. Unlike P2P crypto lending platforms, there is no need to find a creditor. The platform takes a different approach from most crypto platforms; YouHodler works with the banks instead of avoiding them. This allows YouHodler to partner with trusted fiat payment providers and hold its fiat funds in the most reputable banks in Europe to ensure their safety.

Conclusion - The ESelfKey Loans Marketplace

As you can see, signing up for crypto lending or borrowing through our Loans Marketplace is a simple and straightforward process. We encourage you to experience the marketplace for yourself and check out the many excellent crypto lending platforms we have on offer. We’re certain that we’ve got a platform that meets all your criteria!

As always, we advise you to do your own research about any crypto lending platform that you’d like to sign up with. We’ll continue to add more platforms over time, so keep an eye out for new announcements regarding the Loans Marketplace.

Helio Lending is a cryptocurrency lender, based in Australia that allows people from around the world to access cryptocurrency-backed loans. The lending service provides holders of cryptocurrency a safe and secure way to access fiat funds, without selling any of their cryptocurrency.

Helio Lending takes care of the entire lending process. Beginning with KYC and AML checks, creating lending agreements, securing collateral in insured cryptocurrency wallets, funding loans, monitoring the value of the cryptocurrency assets and servicing the terms of each individual contract on a 24/7 basis. 

The team behind Helio has a brilliant mix of financial services background working with ASIC, fund management, trustees, equities, futures and foreign exchange. Along with vast knowledge of cryptocurrency and blockchain technology. Combined, the team holds over 100 years of expertise in the financial services and technology industries.
Helio Lending will be part of the upcoming ESelfKey Cryptocurrency Loans Marketplace where ESelfKey users can use cryptocurrencies as collateral to access fiat loans. This is an exciting prospect for ESelfKey Wallet users and will revolutionize the loan industry. 

We’re delighted that Helio Lending is joining us to change the future of the financial industry.

About ESelfKey

ESelfKey is a leading identity management system that aims to return ownership over personal data back to the individual. To achieve this, ESelfKey is building a rich identity ecosystem comprising the ESelfKey Wallet, the Marketplace, Login with ESelfKey and the KEY token.

About Helio Lending

Helio Lending is a Melbourne-based platform that allows people from around the world to use Bitcoin, Litecoin, Ripple and Ether as collateral for fiat loans. Interested readers can learn more about Helio Lending here.

Edmund Lowell: This is a really important question. The two sided marketplace is a tough egg to crack - however, ESelfKey has a good head start with a functional, working marketplace in several verticals, with a number of service providers! When compared to some competitors who also claim to have a marketplace, ESelfKey has more products and services available in a functional, working marketplace. For instance, users can set up a bank account (in 14 different countries), open a company in 11 different countries, get an exchange account, and soon users can get a crypto loan, where we compare lots of different companies. This is a good start, now to get users! More on this covered in other questions.

What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally?

EL: An active and engaged community is fundamental to the success of ESelfKey. The question here is what are the strategies to build a big and strong community? There is no one strategy, but we employ many, probably this post would be very long to explain them all, so let's stick to three core ideas - 1) traffic 2) education 3) conversion. 

1) Traffic

First and foremost, we need to get people to the ESelfKey website and wallet. This is done through a number of different traffic strategies; a favorite is SEO. Search engine optimization is a longer term strategy based on writing content, and ranking for specific keywords in search engines like Google. 

Although it takes time, the ROI (return on investment) from SEO is historically quite good, and we are already starting to see dividends. For instance, search traffic has grown about 4x in just this year alone. For SEO, there are writers who have a sole focus on long form content strategy and keyword targeting. 

2) Education

Nextly, once users are on the ESelfKey website, they need to be educated on what the project is, why the product might solve their problems, and how it might be a good solution for the job they need to get done. We are constantly working to improve the website, and just translated it into Chinese. We have social links and encourage users to subscribe to mailing list, join our telegram, and other community channels to further their education. 

3) Conversion

SelfKey’s current website comes after an iteration of 4 or 5 previous websites where we are constantly working to get the messaging right, and for users to perform the next, and arguably most important task: convert into long term users! We need to convert website traffic and casually interested users into ESelfKey Wallet users. We believe that crypto wallets will become even more important in the future, and what makes the ESelfKey Wallet unique, is that it is also an identity wallet. There is no one thing which achieves conversion, but as we mentioned already - it's important to have traffic, and educate that traffic - a certain amount of which will always convert. Next we use a blend of quantitative and qualitative strategies to help build conversions. 

For instance, there are a few community admins who are spread across time zones of the Americas, Europe and Asia to be there to clean out spam. Another good strategy is testing and optimizing the website and applications to improve conversions with iterations with split testing. 

We absolutely agree that the power of the community can lead ESelfKey to grow - the success of the project depends on the community! That's why we routinely ask for feedback, and feature requests - these requests were automatically prioritized and made the top features in the next development release. Your efforts as a community are the most important thing to make ESelfKey succeed - keep up the good work everyone!

The Exchanges Marketplace is great, are there plans to get this in front of new crypto users as an on boarding platform to help navigate the crypto space and exchanges with one click sign up?

EL: Thanks for your comments on the Exchanges Marketplace - we do plan to do much more marketing for the Exchanges Marketplace in particular - first driving traffic, then educating users on various exchanges and the different advantages they bring, and finally, providing an easy way to sign up for the exchanges which is quicker, faster and easier than traditional methods. Also the idea of API integration for in-app trading has come up a lot - but more work needs to be done on this, in particular better ways of managing the funds, so they are non-custodial (some projects are already doing this for instance Kucoin).

In comparison to the other competitors in the blockchain identity space, how is the ESelfKey team feeling about its development and targets?

EL: Although we do pay attention to competitors products, we feel that it's actually better when competitors succeed! Here's why: decentralized identity is a paradigm shift - there needs to be a change in basic consumer behavior and demands on companies. Companies need multiple choices of vendors and will likely avoid vendor locking.

Therefore, we most likely want and need multiple companies to succeed. This will help from an adoption standpoint, and technically should make it easier to acquire users, as properly designed DID's are interoperable. This means a bigger pie for all to share. 

In conclusion, we are different armies fighting the same war. If "A rising tide lifts all boats" then Self Sovereign identity is a tidal wave that will impact lots of different industries, should it be demanded by consumers!

How do you maintain motivation amongst the team?

EL: The ESelfKey team is a really talented group of individuals who all believe in the mission, so many of the team members come to work ready to do what they love, and to work on a project and in a direction they believe in. However, motivating a team to perform is something which good leaders do consistently in any company, team, organization or group setting.  

One small thing we have done for the past few years is to have a weekly teamwide meeting each week, called a level 10 meeting. During this meeting we share various successful updates. Hearing teammates talk about their big and small wins is really motivating. Next we go into any important company wide news and goals for the next cycle. Previously we had 1 quarter goals, but crypto moves so fast! Therefore we shortened our sprint cycle to 6 week "bets". 

Next up in the meeting, we go through culture points/fun questions. This is where we ask everyone to answer (in advance) a question related to how their culture might be different, or just a fun, open ended question. Recent examples: "How late is considered to be late, in your country?", "How do you say hello in your country?", and "If you could have any superpower, what would it be?" We don't want to spend too much time on this, we'd rather be writing software! But we do spend some time each meeting bonding and learning about the personality of our team members. 

Finally, we wrap up with quotes from our #Quotes channel - and call on various teammates to explain why they selected that quote from a famous person, and what they interpret it to mean. Every quarter we try to have a small team meetup in a region (like Europe) and every year we have a global meetup - we try to post pictures of the meetups here in Telegram. 

Also one really recent thing we did with COVID-19 is have a workout challenge. We post pictures/videos of us working out from home, since it's really tough to go to the gym! I read recently that one company got a huge return on investment for investing in employees physical fitness, they got $8 back for every 1$ invested!

Will we be able to buy KEY with fiat?

EL: Based on user feedback, this is being prioritized. This service needs to be provided by a fiat<->crypto onramp. And we are trying to find the right partners. Right now what we've found is a service where users should be able to purchase ETH directly from a bank transfer, and then swap into KEY. Exact implementation details TBD but we've identified several regulated partners who could provide this service, and who have API's. We may need to integrate with several providers or there won't be global coverage.

The crypto market is vast and widely diverse: what makes you unique or what makes you different from others?

EL: From a product perspective, we are always looking to try and meet unmet needs in the Marketplace. If someone else is doing it, usually we won't pursue this idea. ESelfKey places a huge emphasis on innovation and doing things differently, and we hope that shines through. This could be reflected in our industry first Marketplace, the separate R&D team who focuses on innovation, or the uniqueness of our Marketplace verticals.

Very few, if any, crypto/self sovereign identity platforms offer bank account opening, and from what I understand, no one else has incorporation services. These two are massive markets and very unique at this point. A clear way to differentiate is by expanding horizontally to different Marketplace verticals. However, there may be ways to differentiate further in a 'vertical' approach (e.g. a new chain) or a hardware wallet, or other things we are being discussed and validated through user testing, interviews and surveys.

The Wallet needs more/most chains to be a success. Thoughts? Thanks?

EL: We have considered adding more chains to the wallet on many occasions. In fact, we have a pretty exciting update to share about a partnership with a very important upcoming chain! (announcement of an announcement ? ) Like most things, it's the community who will decide this, and there is a poll on this question coming soon - stay tuned!

Just read an article about Zoom having identity verification problems on its platform as well as security issues for user data. They are planning on integrating cryptocurrency payments into it as well. Is this not a perfect use case of Login with ESelfKey and users needing to have self sovereign ID? Partnering with Zoom could start to fix their security issues. Could it be worth a try to partner with them and get them on board for LWS? What are the team's thoughts on this and companies in similar positions?

EL: Great idea! We are always open to suggestions for clever partnerships. Need to keep in mind a lot of this is out of our control, we can't tell another company what to do! That being said, we are aware of the issues with Zoom and think this would be a great partnership opportunity. As a reminder, if you have suggestions or ideas like this, please submit them at ideas.selfkey.org - the success of ESelfKey relies on the efforts of the community!

Update: we did contact Zoom through several contacts on LinkedIn - let's see what can be done here! interestingly, also since this question was asked, Zoom acquired Keybase - we are on the right track!

Can ESelfKey add a Real Estate Marketplace?

EL: This is a good question! Real estate is a very domestically based transaction - for instance, in many countries in Asia, you need to be a local to own land. Furthermore, people usually want to see real estate before they buy it. But - there is a segment that we like which is real estate for passports - this is interesting because it is inherently international - also, you get a passport for yourself and your family if you buy the property - so there is no risk of the country saying "citizens only" - because you are a citizen. We want more feedback on this - would ESelfKey users want to buy real estate and get a citizenship?

Are you preparing to establish a lending platform?

EL: Yes, we have an upcoming crypto loan marketplace - lots of interesting opportunities to evolve this marketplace as well here!

Are there any plans for staking? In my opinion this could bring a lot of users to use the mobile wallet.

EL: We do have some plans around staking - but want to release a full plan before we announce anything. Ideally should be able to do it Q3 - but cannot promise this as there are a few moving parts! Patience is a virtue ? HODL!

Is there going to be a way to buy KEY through the app using a credit card or something similar?

EL: Hopefully yes! It's a great idea - buying KEY through the app with a credit card. Right now the major sticking point is API - we haven't found any company who has an API to receive KYC, and purchase with a credit card. Does the community know anyone?

And that concludes our AMA. Thank you Edmund for taking the time to talk to the community and thank you everyone for participating!

While trading cryptocurrencies is now pretty mainstream, it is not the only way to earn a profit. The crypto market offers several other investment tools, and digital currency lending is on the rise. It allows borrowers and lenders to transact money with good interest rates, low fees, and a sufficient level of safety.

As the popularity of crypto lending has increased, traditional financial instruments have begun to make their way into this emerging market. Crypto users can now make use of margin lending, crypto-to-fiat lending, and crypto-to-crypto lending for a multitude of purposes. In this article we cover how crypto lending works, and the three best crypto lending platforms that are currently on the market.

How crypto lending works

The process of crypto lending is pretty straightforward on most platforms that offer it as a service. Lenders deposit part of their crypto holdings onto the platform, and the coins are then made available to borrowers at a pre-established interest rate. Borrowers can then take out a loan for an agreed upon period of time. Once the lending time has ended, the borrower must return the funds and pay the interest rate.

In order to help mitigate risks (such as borrowers being unable to pay back their loans) and increase trustworthiness, most crypto lending platforms have guarantees, or set up collateral or loan backing systems. Some platforms hold onto a borrower’s cryptocurrency as collateral for their loan, meaning that you don’t lose your crypto unless you default on your payments.

There are two primary reasons why borrowers make use of crypto lending: to cover day-to-day expenses or for margin trading. Day-to-day expenses are self-explanatory; they cover the basic costs of living or business expenses. Margin trading means that the borrowed funds are used to make riskier and higher value trades. If a proper trading decision is made, the trader receives a higher profit, but in the case of a bad deal, the trader will have to pay back the losses out of their own pocket.

Unlike a traditional bank loan, crypto lending is mostly peer-to-peer (P2P). This means that users are borrowing directly from each other instead of a financial institution or the lending platform itself. Crypto lending platforms set the interest rates, lending times, and any other terms in addition to enabling the transactions. Some platforms simplify the process further and supply the loan amount from their own stored funds so that borrowers don’t have to find a lender.

Crypto lending has several advantages compared to traditional lending, which are the following:

• Extremely low transaction fees, especially when compared to banks
• No need for a bank account (1.7 billion adults are currently unbanked and crypto lending is sometimes their only option for a loan)
• Quick approval times
• Reduced bureaucracy and conditions
• Diversified loans
• Very few limits on what services can be used based on factors such as citizenship or nationality

Naturally, there are risks associated with crypto lending and these include:

• A higher default rate on loans, especially when compared to fiat loans
• Lending platform safety
• The volatility of the cryptocurrency market which can lead to borrowers having to pay back more than they originally borrowed and lenders potentially losing profits

As you can see, crypto lending offers a number of benefits, but there are risks too. It’s important that you do your due diligence and have a good understanding of the cryptocurrency market.

The best crypto loan platforms

The popularity of crypto lending has been steadily rising. As such, there are lots of options available for those interested in using their crypto for loans. Naturally, different loan platforms offer different benefits. Some have the lowest interest rates, others are focused on safety and security. The three following crypto lending platforms are the ones we think are the best on the market.

1. CoinLoan

Based in Estonia, CoinLoan is a P2P lending platform for crypto-collateralized loans. Since launching in 2018, it has become one of the most popular European crypto lending platforms. With a simple lending process backed by bank-grade security, it’s easy to see why. Additionally, CoinLoan offers one of the largest choices of cryptocurrencies, fiat, and stablecoins.

CoinLoan’s lending process is simple. Borrowers deposit a specific amount of cryptocurrency as their collateral for the loan. Additionally, the platform is incredibly transparent. Prior to borrowing, potential debtors are presented with the exact numbers for the lending contract. CoinLoan offers borrowers the added benefit of being able to preserve their crypto assets with flexible lending conditions, no credit checks, and convenient withdrawal methods.

As for lenders, CoinLoan offers several guarantees. The platform is registered and licensed in the European Union and is, therefore, subject to EU financial law which offers unparalleled protections for consumers. Repayments are guaranteed, and all transactions are SSL-encrypted. In fact, since opening in July 2018, every lender has received their repayments in full and on time.

Here at ESelfKey, we certainly see the amazing potential CoinLoan has to disrupt the loans industry, which is why we entered a comprehensive partnership with them this year.

2. YouHodler

With offices in Cyprus and Switzerland, YouHodler is a fintech platform focused on crypto-backed lending with fiat, crypto, and stablecoin loans. However, the platform offers so much more than just crypto loans. The Turbocharge service allows users to borrow additional crypto and use it as collateral for other loans. Multi HODL allows users to boost their savings by making small, speculative investments with crypto. YouHodler also offers a cryptocurrency wallet app available for iOS and Android smartphones.

The lending features on YouHodler are pretty similar to most of its market competitors. However, it does have the advantage of a high and flexible Loan-to-Value (LTV) rate, which is available at 90%, 70%, and 50%. As a result, users can obtain a higher credit line for a lower deposit. Loan management solutions are also available, including the option to increase the LTV, borrow additional crypto, and more.

Another major advantage is that YouHodler offers its users access to instant cash, which is provided by the platform’s fiat-base funds. Unlike P2P crypto lending platforms, there is no need to find a creditor. Additionally, the platform prides itself in transparency, meaning there are no hidden fees.

The platform takes a different approach from most crypto platforms; YouHodler works with the banks instead of avoiding them. This allows YouHodler to partner with trusted fiat payment providers and hold its fiat funds in the most reputable banks in Europe to ensure their safety.

3. SALT Lending

One of the few platforms registered in the United States, SALT Lending was one of the first crypto lending platforms to hit the market back in 2016. It has a great reputation, and one that it has certainly earned. SALT Lending offers P2P crypto-backed loans. Similar to the other platforms we’ve listed, the platform allows users to use crypto as collateral for their loan.

The process for getting a loan is very straightforward. Users can be verified the same day, and don’t need to undergo a credit check. The terms of a loan are completely customizable, from LTV to loan length. SALT Lending also operates in over thirty jurisdictions (including 46 US states), which is one of the most comprehensive when it comes to availability.

When it comes to security, SALT Lending is top level. All loans are backed by assets that have been insured and all crypto assets are held in cold wallets. Additionally, all digital assets are covered by insurance in the event of theft or fraud. These protections should be industry standard, and SALT Lending sets the bar high for competitors when it comes to security. 

Conclusion - The upcoming ESelfKey Cryptocurrency Loans Marketplace

Currently, there is no aggregated list of crypto loan platforms. If you are interested in crypto lending, you have to do a lot of research yourself. However, the future is about to change. Here at ESelfKey, we offer a number of different marketplaces to users of our ESelfKey Wallet. We have marketplaces for incorporations, bank accounts, and cryptocurrency exchanges, with more on the way.

Our next release is the ESelfKey Cryptocurrency Loans Marketplace where ESelfKey Wallet users can get access to the world’s most exciting lending platforms and use cryptocurrencies as collateral to withdraw fiat loans. This is an exciting prospect for the ESelfKey community and adds impressive new functionality to the Wallet. We already have some great platforms on board, such as CoinLoan, and more will be joining. 

If you want to start exploring the ESelfKey Wallet now, download it here and keep an eye out for the launch of the ESelfKey Cryptocurrency Loans Marketplace.

Based in Europe, Tokens.net is a Cryptocurrency Exchange operating in a stable and reliable business environment managed by industry pioneers with proven track record. Tokens.net platform represents a distinctive trading engine with a user-friendly interface assuring 100% trading volume transparency and fast execution. The primary function of the exchange's native DTR tokens is providing real-time information on the number of transactions and transparent trading volume. 

With safeguarding client funds and data as their top priority, Tokens.net employees hold reputable information security certifications such as CEH certificate from EC-Council and OSCP from Offensive Security. The exchange has been actively participating in the security community to ensure that their knowledge and skills are up to date with industry best practices.
Tokens.net will be a part of the Cryptocurrency Exchange Marketplace. ESelfKey Wallet users will be able to compare exchange accounts and instantly sign up for a verified account without waiting for limits from within the ESelfKey Wallet. The Cryptocurrency Exchange Marketplace will include data on supported countries, fiat currencies, trading pairs, fees, and more. 

We’re delighted to have Tokens.net on board to bring their excellent services to ESelfKey users. 

About ESelfKey

ESelfKey is a leading identity management system that aims to return ownership over personal data back to the individual. To achieve this, ESelfKey is building a rich identity ecosystem comprising the ESelfKey Wallet, the Marketplace, Login with ESelfKey and the KEY token.

About Tokens.net

Tokens.net is a European Cryptocurrency Exchange operating in a stable and reliable business environment. Tokens.net CEO Damian Merlak is a successful entrepreneur that co-founded many profitable companies, including Bitstamp. Interested readers can learn more about Tokens here.

ExMarkets is a centralized exchange powered by a proprietary, state-of-the-art trading engine that launched in 2018. The platform was granted two licenses by Estonian regulators, which allow it to operate as a crypto-fiat gateway and custodian service, and make it one of the few certified platforms on the market. Additionally, ExMarkets has listed ESelfKey’s native utility token, KEY, since 2019.

With volumes exceeding 8 million US dollars a day, ExMarkets users can easily trade the most popular cryptocurrencies. The digital asset exchange offers a great experience to its users, and setting up an account only takes a few minutes. Users can also access the token sales of promising blockchain and crypto projects through ExMarket’s IEO LaunchPad.
ExMarkets will be a part of the Cryptocurrency Exchange Marketplace. ESelfKey Wallet users will be able to compare exchange accounts and instantly sign up for a verified account without waiting for limits from within the ESelfKey Wallet. The Cryptocurrency Exchange Marketplace will include data on supported countries, fiat currencies, trading pairs, fees, and more. 

We’re delighted to expand our partnership with ExMarkets to bring their excellent services to ESelfKey users. 

About ESelfKey

ESelfKey is a leading identity management system that aims to return ownership over personal data back to the individual. To achieve this, ESelfKey is building a rich identity ecosystem comprising the ESelfKey Wallet, the Marketplace, Login with ESelfKey and the KEY token.

About ExMarkets

Launching in 2018, ExMarkets is a licensed digital asset exchange. Processing over 8 million US dollars in trading volume every day, the platform has established itself as one of the most exciting in the space. Interested readers can find out more about ExMarkets here.

Founded in 2018, Bitkub is a next generation digital asset and cryptocurrency exchange platform. The exchange is legally registered in Bangkok, Thailand with a registered capital of 80 million baht. With a user-focused experience, the exchange is quickly growing with a great reputation. 

Bitkub caters not only to experienced crypto traders, but also aims to bridge the gap for non-tech users. Their unique cryptocurrency exchange platform provides multi-cryptocurrency wallets, user-friendly technical analysis tools, and alternative cash-out options for businesses willing to improve their payment processing systems.

Users can buy and sell some of the most popular cryptocurrencies including Bitcoin and Ethereum. Additionally, Bitkub also offers fiat to crypto transactions with the Thai baht. Bitkub also has an enticing referral program.
Bitkub will be a part of the Cryptocurrency Exchange Marketplace. ESelfKey Wallet users will be able to compare exchange accounts and instantly sign up for a verified account without waiting for limits from within the ESelfKey Wallet. The Cryptocurrency Exchange Marketplace will include data on supported countries, fiat currencies, trading pairs, fees, and more. 

We’re delighted to have Bitkub on board to bring their excellent services to ESelfKey users. 

About ESelfKey

ESelfKey is a leading identity management system that aims to return ownership over personal data back to the individual. To achieve this, ESelfKey is building a rich identity ecosystem comprising the ESelfKey Wallet, the Marketplace, Login with ESelfKey and the KEY token.

About Bitkub

Based in Thailand, Bitkub has been growing from strength to strength since its launch in 2018. The exchange caters to those with no crypto experience and experienced traders. Interested readers can learn more about Bitkub here.

Since June 2018, the ESelfKey Identity Wallet has been available for download on Desktop devices, making it easier for individuals to both manage their ERC20 tokens and their identification documents. As the ecosystem matures, innovative technology, like decentralized identifiers, will allow the ESelfKey community to have much more control over their data than they had before.
Today, with the launch of the ESelfKey Mobile Wallet, we take another important step towards a better, more modern form of identity management. In its first iteration the Mobile Wallet will allow users to manage their ERC20 tokens and import their Desktop Wallet. This means that you can send and receive KEY and other ERC20 tokens on the go, straight from your mobile device. 

Future iterations will have additional functionality including the ability to manage identity documents, a state of the art Wallet for Corporates, and access to the ESelfKey Marketplaces. To get started make sure to download the Android version here and the iOS version here. Please also consider leaving the APP a review, as these help us to gain traction and raise awareness of the importance of data security.

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About Selfkey

ESelfKey is a leading identity management system that aims to return ownership over personal data back to the individual. To achieve this, ESelfKey is building a rich identity ecosystem comprising the ESelfKey Wallet, the Marketplace, Login with ESelfKey and the KEY token.

Offshore banking can help you make the most of your money. Additionally, the technology has developed so that you can even open your offshore account completely online. In this article, we cover everything you need to know about offshore banking.

What is offshore banking?

Offshore banking can sometimes be confused with mobile banking. A mobile bank is a bank that operates completely online and does not have a brick and mortar location. However, a mobile bank is typically based in your country of residence.

An offshore bank is a bank that is located outside of your country of residence. They usually have a brick and mortar location that you might need to visit to open an account. Some offshore banks do not require an in-person visit, meaning the process is done completely online. Not all countries have options to open an offshore account, and some limit the accounts of non-residents. Luckily, there are many options available.

Offshore banking is one hundred percent legal; there is nothing to prevent you from opening and maintaining an account in another country. Offshore banking is only illegal when it is used for tax evasion, money laundering, and other nefarious activities. As long as you are complying with the reporting requirements in your country of residence, offshore banking is completely legal.

Why have an offshore bank account?

Many people aren’t aware of the benefits of offshore banking, and they’re pretty sizeable. We’ve listed the top three reasons for you here.

1. High reward for low risk

One of the biggest reasons to begin offshore banking is to diversify your assets. Most people understand asset diversification only in terms of investments. Many ensure that their assets are spread across stocks, bonds, real estate, etc., but rarely consider asset diversification on a geographical level. 

By diversifying where your money is physically, you are reducing the risk of losing it. Consider the 2008 financial crisis as an example. All it took was for one bank to collapse and the US economy followed. In fact, most of the Western world was affected. 

At times like this the benefits of offshore banking become apparent. Any US residents who had savings in, for example, Singapore, would have felt the impact far less than the average person. Clearly not all banks are created equal and a foreign bank account allows you to hedge against a collapsing local economy. 

Interestingly, mobile banks don’t solve the problem. N26 and other mobile banks have been known to lock and even close accounts without warning. Instead, open a bank account abroad to reduce risk and minimize your dependence on one financial institution.

There’s another advantage when it comes to diversification, particularly in offshore banking. Limiting your personal wealth to one currency is risky. Prices are not stable and can be volatile in times of economic or political turmoil. Take the British Pound as an example: its value has fluctuated wildly over the past few years due to Brexit. To mitigate risk, it makes sense to open an offshore bank account which allows you to store some percentage of your wealth in another currency. Some banks even offer multi-currency accounts.

2. Better interest rates

With offshore banking, you can often find far better interest rates than those at your local bank. Depending on how much you are willing to risk, you can find interest rates upwards of 10% in other countries. Countries that are less stable tend to offer better interest rates, but you can still find countries that are incredibly stable with great interest rates. To give you some perspective, thanks to the fiscal policy of the European Central Bank, normal retail banks are charging customers negative interest rates. In Germany, a staggering 58% of banks now charge negative interest rates.

That means that you have to pay your bank to hold your money. Of course, they are not doing this for fun. Instead, the European Central Bank has doubled down on its negative interest rate policy in an attempt to make banks lend more, get people to spend and kickstart their economies. Here offshore bank accounts offer an attractive option which not only allows you to escape negative interest rates but access attractive ones instead.

3. Better services

Why settle for an okay bank when you could be using a great one? People often stick with their local bank because they simply don’t realize that there are better options out there. Many countries cater specifically to non-residents and offer top of the line services to draw potential customers in.

Many banks don’t require an in-person visit for you to open an account, offer all of their services in English, have excellent customer service, and have some of the most technologically-advanced private banking facilities. Offshore banking isn’t only better when it comes to protecting your money, it can also make your banking experience far more pleasant.

What countries are best for offshore banking?

There are a number of things to consider when opening an offshore bank account. Are you willing to visit the bank in-person? How stable are the political and economic situations of the country? What services does the bank offer? Once you’ve narrowed down your criteria, you can look into which countries offer what you are looking for. 

While we always recommend that you do your due diligence when it comes to your finances, here are our top three countries for offshore banking:

1. Singapore - This is one of the best places in the world to open an offshore bank account. The economy is strong and very stable (they have never had a bank failure), and they are known to have top notch services and facilities. Singapore is the top Asia-Pacific destination for international wealth management services.
2. Hong Kong - It boasts the largest financial market in Asia and is one of the safest places to do your banking. If investing is of interest to you, then look no further as a large variety of options are available.
3. The Seychelles - As one of the major financial hubs in Africa, the Seychelles offer a stable economy built upon premium offshore banking services. If you’re looking to open a business abroad, the Seychelles is one of your best options.

How to start offshore banking

Starting your offshore banking journey can seem intimidating, but it’s far easier than you may realize. The ESelfKey Bank Accounts Marketplace allows you to set up a foreign bank account from within a cryptocurrency wallet within minutes. 

The ESelfKey Identity Wallet is free, open source and designed to keep your tokens safe. That being said, it’s much more than a simple cryptocurrency wallet. Instead it allows you to manage your identification documents and provides access to the Self!Key Marketplace. 

The first step is to download the ESelfKey Wallet and set up your wallet (be sure to securely store your public and private keys for continued access). From there, all you need to do is complete your ESelfKey ID. This is a collection of locally-stored Know Your Customer (KYC) information used to quickly access new service providers. Thanks to the ESelfKey ID, you can reuse the same KYC data multiple times.

Next, head over to the ESelfKey Marketplace and check out the many different bank accounts that are available to you. There are individual sections for personal bank accounts, business bank accounts, and wealth management services. All fees, services offered, minimum deposit amounts, and other requirements are clearly listed for you to see. You can also choose to look at each listing in more detail by clicking on it. 

Opening your bank account is incredibly easy. Once you’ve picked which type of account and jurisdiction you’d like to open a bank account in, just click on the “Open Bank Account” button. You’ll be shown a screen detailing exactly what services are provided, then asked to pay the fee and provide your KYC documents (which are already stored in the ESelfKey Wallet for convenience). 

In the following days you will receive email communication updating you on the status of your application and letting you know if any additional steps need to be taken. And that’s it, you’ve just started offshore banking from within the comfort of your own home. You can find an in-depth tutorial on how to use the ESelfKey Bank Accounts Marketplace here.

Conclusion

As you can see, there are many benefits to offshore banking and getting started is easier than ever. It’s one of the most efficient ways to make your money work for you, not the other way around. 

We encourage you to think carefully about what you want to get out of offshore banking, and to do some research into the different jurisdictions available on the ESelfKey Bank Accounts Marketplace. Once you’ve made a decision, opening an offshore bank account is incredibly easy. Download the ESelfKey Wallet today and start banking better.