Crypto finance and lending solution Etherecash has announced the close of its public token sale event, raising a total of over $30 million.
Etherecash is a financial services platform that takes on a three-pronged approach in revolutionizing finance: crypto-backed P2P lending, global money transfer and a multi-crypto debit card.
Using blockchain innovations to provide unrivalled security and transparency, the Etherecash platform is a full-feature ecosystem emphasizing speed, safety and reliability for lending, sending and spending – at a fraction of the costs of conventional means.
The company has announced the close of its public token sale event, allowing a successful and early conclusion of its crowd funding campaign on December 12th, 2017 at 6:29 UTC.
This comes on the back of record-setting performances of its four bonus rounds only a week earlier, raising a total of over $30 million and receiving more than 45,000 new registrations.
The intense demand for Etherecash tokens is seen as a clear sign of the desire for change within a community of users disappointed with the failures of the conventional financial system, stricken and yet to fully recover from the global financial crisis of 2008.
This, coupled with the promise of linking the world’s 2 billion unbanked to the most basic of financial services that modern banking has yet to provide for them, has led to a huge amount of interest in the Etherecash project.
The first priorities of funds raised will be to focus on the expansion of the Estonian-based development team, to bring in the necessary expertise to undertake alpha and beta testing of its platform, paving the way for a mobile app release and the initial alpha testing of its much-anticipated multi-crypto debit card. All these objectives are slated to take place within the first quarter of next year.
Among the touted features of the Etherecash platform is a first-of-its-kind peer-to-peer (P2P) lending system. Through this option, retail entrepreneurs and small start ups will gain access to crowd funded capital, whereby borrowers can stake up to 80% of their digital assets as collateral against loans.
Utilizing the security and transparency of sophisticated blockchain technology and lawyer backed smart contracts, the Etherecash platform enables users to maximize the full potential of their digital assets and leverage owned cryptocurrency to secure fiat loans.
This will complement its basic attribute as a global money transfer system, whereby users can perform the most basic financial transactions of sending and spending money across a diverse range of cryptocurrencies for minimal costs.
Commenting on the potential for a massive disruption the world of banking and finance, a spokesperson for Etherecash said:
“We’re going forward with bringing the future of banking to the masses and think the world should know just how proud we are.”
United by a desire for “disregarding bank fees”, the team behind Etherecash are unabashedly “strange individuals”. Led by CEO Jacky Thanh Ly, COO Miguel Aguirre and ITE Silvan Gebhardt, under the mentorship of expert advisors, Etherecash continues to promote and advocate for the democratization of finance.
Etherecash expresses its sincere appreciation to all contributors participating in the pre-sale and main sale. It further commits to openly inform all participants of mission updates, including progress towards long-term strategic goals. Belated contributors who want to make token purchases can do so until the closing time, with a 3% bonus still available.