• Fri, 19 Jul 2019, 04:15 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Cadence's blockchain-powered debt marketplace goes live

Finance.TheDigitalArtist/Pixabay

Fri, 12 Jul 2019, 07:09 am UTC

Loans can be lifesavers when given the right circumstances, but there is a case to be made about transparency on the issue. This is where the service by Cadence comes in since it involves the use of blockchain for the issuance of credit and loans.

In a press release dated July 10, Cadence announced the launch of its investment platform for private credit to all institutional and accredited investors.

Private credit is a type of alternative investment which is not financed by banks and not issued or traded in an open market. It has been witnessing high growth since 2000, achieving a compound annual growth rate of just under 20%.

Last month, Cadence announced that all of its offerings were discoverable on Bloomberg Terminal. With the launch of the platform, users would now be able to make contributions to short-term loan packages that could go a long way to help businesses cover their operational needs such as payroll, inventory and other unexpected costs, CoinDesk reported.

The company leverages the ethereum blockchain to enhance the transparency of these loan packages. It converts commercial debt into tokens which can then be traded on its platform, Cointelegraph reports.

Commenting on the launch, Nelson Chu, the CEO and founder of Cadence said:

"The securitization market for private credit has been in desperate need of innovation, especially when it impacts so much of our economy today. Think about the granola bar company that just got their first big purchase order from Whole Foods that they can't fulfill or the mobile app developer that needs to make payroll while Apple takes 45 days to pay out their earnings from the App Store.

"Cadence is doing its part to help power the growth of small to medium sized enterprises by providing them market-driven cost efficiencies."

Earlier this year, Cadence closed a fundraising round of $2 million led by Recharge Capital and participation from Fantail Ventures, Argo Ventures, Coinbase Ventures, and INBlockchain. Strategic angel investors included current and former senior executives from several of the leading banks and asset managers.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,371.80 (-0.49%)
  • Ethereum (ETH) $218.13 (-2.53%)
  • XRP (XRP) $0.316300 (-1.93%)
  • Litecoin (LTC) $96.83 (-2.66%)
  • Bitcoin Cash (BCH) $302.33 (-3.46%)
  • Bitcoin (BTC) $10,371.80 (-0.49%)
Jul 19, 2019 (Friday)
11:17
Crypto Technicals: XRP/USD grinds lower along 200H SMA, break below 5-DMA to see further weakness
11:12
Binance Jersey announces listing of GBP-backed stablecoin ‘BGBP’
10:32
Rape and sexual harassment case against bitcoin developer blows up
10:15
New Jersey accuses blockchain firm Pocketinns of selling $410K unregistered securities
09:59
Crypto Technicals: LTC/USD struggles at 110-EMA, bias bearish
09:58
Blockchain firm Algorand joins International Swaps and Derivatives Association
09:22
Neo, Ontology partner to develop blockchain interoperability protocol
07:35
Consumer advocates call on Libra partners to withdraw collectively from Facebook's crypto project
07:31
Apple's Steve Wozniak invests in blockchain-based energy efficiency firm 'Efforce' in Malta
07:28
Cryptocurrency exchange ErisX joins U.S. Chamber of Digital Commerce
07:26
LibertyX exceeds 1,000 bitcoin ATMs in the U.S. via new partnership
06:59
Blockchain interest dropping, DLT in trouble?
06:37
Waves founder launches Waves Enterprise to develop corporate blockchain solutions
06:03
IRS goes after cryptocurrency users misreporting transactions
05:05
Facebook's Libra, other cryptocurrencies pose risk of global economic destabilization: G7
04:42
Anchorage receives charter to open crypto custody shop in South Dakota
04:27
Bank of Thailand's DLT-focused Project Inthanon advances to Phase III
Jul 18, 2019 (Thursday)
11:52
MOBI launches first vehicle identity standard on blockchain
11:49
FATF approves Japan’s plan to establish global network for crypto payments: Report
11:13
Crypto Technicals: ETH/EUR downside pauses shy of 200-DMA, bullish divergence on intrday charts keeps scope for upside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft