Great news community! COLLATERAL, the decentralized payment gateway, has committed to launch their IDO on Ignition on April 16, 2021.
- Whitelist Start: April 6, 2021 1PM UTC
- Whitelist Close: April 9, 2021 4AM UTC
- Collateral on Ignition: April 16, 2021, 11AM UTC
Whitelist for the Collateral IDO is closed.
What is COLLATERAL?
COLLATERAL is a decentralized payment gateway built on Polkadot that is combining the worlds of traditional finance and DeFi to allow users to unlock and utilize their crypto assets and benefit from being able to store, stake, loan, save and pay, anytime, anyplace, anywhere.
The ecosystem is powered by a peer- to- peer network of borrowers and lenders whose transactions are protected through seamless smart contracts. Borrowers can access loans from funds that lenders have staked and lenders can receive passive income streams by staking their assets for an APY in return.
Why is COLLATERAL unique?
COLLATERAL is a one of a kind project because it provides users with instant spending power making it a recognizable system to major traditional payments providers such as Worldpay, Visa and Mastercard.
With COLLATERAL, if a user wants to borrow funds, there is no red tape with credit checks, as you get in the traditional banking sector, but rather a whole system governed by smart contracts that ensures that crypto collateral is used to secure the ecosystem and protect users. Borrowers retain 100% ownership of their crypto assets which are held in smart contracts until the repayment is made. These funds are then released back, allowing users to keep their crypto assets as they do not need to sell them outright for fiat but rather leverage them and lock them away until their borrowing needs have been fulfilled and debts repaid. In this way, users can still benefit from crypto gains when their assets have been returned to them via the COLLATERAL App.
Other Features of the COLLATERAL App
In addition to providing loans that service the needs of both borrowers and lenders, the COLLATERAL App is also jam packed with other additional competitive payments features.
The App can facilitate payments just like a credit or debit card where users can pay for goods and services in store or online through a simple 4 step process. To do this, users scan a QR code from a merchant with the COLLATERAL App and lock their crypto as collateral. The merchant then receives the funds instantly and pays back any outstanding amounts immediately via the COLLATERAL network which all takes place at the point of sale so there is no need for a loan.
Merchants who support payments with COLLATERAL will be able to access a totally new market of buyers and sell their products to crypto holders. The funds paid to merchants through the App are converted into native currencies, so there is no fear of loss.
Token Utility
The COLLATERAL protocol uses two native tokens $COLL and $COLLG. Users can stake supported crypto assets to earn $COLL tokens and can also stake $COLL tokens to earn more $COLL and $COLLG. After acquiring $COLLG tokens, users can take part in the underlying governance and decision making process of the COLLATERAL protocol.
*For applications to be considered valid, all applications must adhere to the PAID whitelist lottery rules, must pass PAID Ignition’s KYC process, and adhere to each project’s specific KYC requirements and country restrictions which varies per project on a case to case basis. For a list of Collateral specific restricted KYC countries check HERE.
About COLLATERAL
COLLATERAL is the next generation payment gateway built on Polkadot and accessed through an interoperable crypto wallet, granting access to spending power by using crypto as collateral at the point of sale. The platform allows users to pay instantly by using crypto as collateral, giving its global user base access to funds and the ability to pay and spend crypto instantly anytime, anyplace, anywhere.
- Twitter: @CollateralDefi
- Telegram: @CollateralDefi
- Medium: @CollateralDefi
About Ignition
IGNITION is a featured product of PAID Network, operating as a decentralized swapping protocol that allows blockchain-based token projects to offer their private and public auctions. The platform features Ethereum, Binance Smart Chain (BSC), and here shortly, Polkadot functionality.
Ignition is different from other auction platforms in that it properly vets and selects only top-tier cutting-edge projects. Its multi-level incentivization mechanisms for participants of published projects will encourage HODLing that supports both the project founders and the community. It isn’t just a trading platform; it FUELs projects and takes fundraising to the next level.
Ignition brings quality projects, fixed swaps, and equitable lottery participation to the PAID community.
About PAID
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.
For any questions for the PAID network, please feel free to reach out to us on:
- Website: PAIDNetwork.com
- Telegram: @PaidNetwork
- Twitter: @PAID_Network
- Medium: @PAIDNetwork
