Pure-Central Launches First Multi-Currency P2P Lending and Trading Platform

Cryptocurrency service Pure-Central has just announced the creation of the first multi-currency P2P (person-to-person) lending and trading platform. Pure-Central’s P2P platform users can trade bitcoin and altcoins, get a cryptocurrency loan, or become a lender and invest in loans.

Pure-Central Launches First Multi-Currency P2P Lending and Trading Platform

Bitcoin freed money from centralized banks by offering a P2P currency solution. Pure-Central wants to help the cryptocurrency community wrest loans away from banks as well, which the company accomplishes through its multi-currency lending platform. Investors can use the platform for free, and at 0.75%, Pure-Central offers borrowers the lowest fee on the market.

Getting a Loan

Anyone who desires to receive a cryptocurrency-based loan can create an account on Pure-Central and draft a loan tailor-made to his or her situation. The process is incredibly simple. Just verify your identity, write a brief description explaining what you plan to use the money for, select the parameters of the loan (term, interest rate, etc.) or allow investors to give you proposals, and then publish your loan.

Investors can shop among the available loans. Once an investor chooses your loan, you can activate it to receive the money and begin making payments.

Another useful feature of Pure-Central is that it lets borrowers choose in what currency to denominate the loan. Initially, the platform includes functionality for bitcoin, litecoin, Dogecoin, Namecoin, Peercoin, Darkcoin, AuroraCoin, and The World Currency, and Pure-Central plans to add a variety of new coins in the near future.

Protecting Investors

The platform is great for borrowers, but Pure-Central has taken steps to ensure investor protection as well. To that end, Pure-Central requires potential loan recipients to verify their identities. Borrower verification allows Pure-Central to turn over users who default on their loans to debt collectors, preventing scammers from acquiring a loan and disappearing. Users who verify their identities and regularly pay back their loans on time grow their credit scores. Having a high credit score will make a borrower attractive to investors and may help them acquire a loan with a lower interest rate.

However, Pure-Central recognizes that many investors would prefer to not reveal their identities, so investors are not required to perform user verification.

Pure-Central Trading Platform

Although the lending platform is Pure-Central’s key feature, the service also offers a P2P cryptocurrency exchange where users can buy and sell bitcoin and altcoins. The exchange is quite useful for investors who want to invest in a loan but do not have any coins denominated in the borrowers’ currency of choice. Pure-Central’s exchange–like the rest of the platform–is encrypted to ensure security, and the company automatically backs up exchange wallets every 10 minutes.