A new peer-to-peer lending platform is set to hit the market in the coming months with a product specifically targeted at millennials.
The Celsius Foundation is building a platform on top of the Ethereum blockchain that aims to swap out the big banks and their high fees, and replace them with colleagues, friends, and other ether token holders.
The organization said it will focus its efforts on supporting millennials, “the generation that often suffers the most at the hands of credit lending services.”
“All existing peer-to-peer platforms are centralized solutions that are not solving the credit limit and interest rate cost issues, or are blockchain-based platforms which only serve as exchanges to connect credit starved millennials to the same large financial institutions who will not lend to them in the first place,” Alex Mashinsky, the founder of the Celsius Foundation, told CoinJournal.“I created Celsius to enable millennials and genX to join the crypto revolution, leverage their social network to create a digital credit score and learn how to earn interest and get loans at much lower rates from their peers.” Celsius team at the Blockchain Solutions Forum 2017 in Barcelona (from left to right): S. Daniel Leon, President/COO; Alex Mashinsky, Founder/CEO; and David Brill, General Counsel/Corporate Strategy.
Prior to Celsius, Mashinsky founded several companies including GroundLink, Transit Wireless, Elematics and Arbinet. He is a serial tech entrepreneur with 30+ patents, US$1 billion in raised funds and over US$3 billion in exit deals.
With his new venture, Mashinsky said the purpose is to solve “one of the biggest problems out there for millennials.”
“The banking industry as it is currently formulated fails to offer any real solutions to the cur...