In the current economic climate, most financial institutions prefer to loan out cash for cash. This basically means that banks will lend users the same amount of money as they possess in their savings accounts, using fiat assets as collateral. As a result, it becomes difficult for businesses with low liquidity to get much-needed capital in order to grow.

FintruX can be thought of as a global P2P lending ecosystem that employs a no-code development model and is powered by the Ethereum blockchain. The FintruX Network makes it easy for small businesses to quickly secure affordable loans with no collateral in any currency, thereby allowing independent operations to flourish and scale up within today’s competitive commodity market.

From the perspective of a borrower, this platform is able to help connect individuals in need of capital with reputable lenders within a matter of minutes. Not only that, FintruX also helps save users a lot of money by providing them with loans that have low transaction fees and are delivered at below-market interest rates.

Through the use of immutably resilient records which are governed by fully-customized smart contracts, all transactions are maintained in a completely fair and transparent manner.

Lastly, for lenders, there are no upfront costs – only transaction-based fees and service charges that have a low level of risk associated with them. The loan application process is fully automated, thereby cutting out even more costs for customers.

Overview of the platform

• FintruX connects borrowers with financial entities in a streamlined and hassle-free manner.
• It is easy to use and employs an interface that can be controlled by anyone, irrespective of one’s technological prowess.
• The FintruX ecosystem enables third-party agencies to offer their services and products to network participants easily.
• External actors who can make use of this system include fraud and identity service agents, credit scoring and decision agents, exchanges, banks, asset managers, and insurance companies.

Key Features

First and foremost, FintruX uses a ‘no code development model’ wherein a unique smart contract is automatically generated and deployed by the native ecosystem for each approved loan in real time. This helps in providing unambiguous, immutable, and censorship-resistant records where no arbitration is required.

Primary offerings of the FintruX ecosystem

The native architecture deployed by FintruX is highly scalable and has been made robust through the use of the latest technological advances in blockchain technology, user experience, client, and server-side methodologies.

While traditional automation attempts to account for transactions have been extremely cumbersome, FintruX makes use of a unique smart contract-based module for each borrower so that all internal processes can be governed in real time via a configurable interface.

Also, by generating a new contract for each individual use case, native smart contracts become binding agreements between participants in a completely unambiguous, immutable manner. Thus, there is no arbitration required and each borrower is able to easily understand the terms of his or her loan agreement.

Lastly, in addition to simplifying the loan application process via instant matching, FintruX is designed to provide borrowers with post-funding, self-serve administration options,

How it works

Through the application of credit enhancements, the FintruX Network is able to virtually neutralize the lender’s credit risk and, in the case of a default, provides cascading levels of insurance to cover any possible losses. When the overall risk is reduced, lenders are able to obtain more peace of mind.

It should also be noted that FintruX holds back 10% of each loan as over-collateralization for additional default protection. This helps serve as the foundational security base for lenders.

Similarly, individuals are also allowed to participate on the platform and act as guarantors for loans of their choice. Guarantors can choose their own risk and compensation packages, and in cases of default, are able to cover their losses.

The aforementioned 10% holdbacks are aggregated in a cross-collateralization pool which functions as insurance to cover all loans within a given class. When invested properly to match the obligations, this pool can offer a sufficient coverage ratio against the average loan loss.

Lastly, 5% of all FTX tokens have been reserved to cover any unexpected losses in the unlikely event that all previous credit enhancers fail.

About the company

Nelson Lin is the founder and CEO of this venture and is considered by many to be a pioneer in the field of online credit adjudication. According to his LinkedIn profile, Nelson has over thirty years of experience delivering numerous custom enterprise applications to global organizations such as J.P. Morgan and AT&T Capital.

Finance and technology partners

Conrad Lin is the co-founder and CMO of this project. He holds a degree in neuroscience and psychology from the University of Toronto and specializes in other niche domains such as:

• Social marketing and outreach
• Customer relationships

Lastly, Gary Ng is the CTO of Fintrux. He has been in the software development and financial sector for the past 25 years, and according to his professional bio, Gary is skilled in a host of programming languages and has been instrumental in scaling up many independent projects over the years.

Token Performance History

Introduced just a week back, FTX tokens were priced at $0.304 when they launched.

FTX token lifetime performance data (courtesy of CoinMarketCap)

Over the course of the past seven days, the currency has remained relatively stable in value. On April 30, the price of a single token scaled up to nearly US$0.40.

Final Thoughts

With the global economy being plagued by poor consumer trust and uncertainty, FintruX provides customers with a multi-sided platform wherein borrowers, lenders and other third-party guarantors can easily interact with one another.

However, due to the infancy of this product, it is still hard to assess the future market potential of FintruX.

If you would like to start investing in FintruX, FTX trading pairs are currently available on online exchanges such as HitBTC, Qryptos, Bancor, and IDEX.