Vitaly Bahachuk wants you to share your crypto. His company lets you lend cryptocurrency peer-to-peer via smart contract, ensuring you can send your buds some red-hot Ether and, in theory, they have to pay you back. Further, it allows for some other clever tricks to be played with ERC20 tokens, including performing some of the techniques used by equity traders.
Co-founded by Alex Bazhanau and Bahachuk, Bloqboard is live now and the lending system is powered by decentralized lending protocols. They’ve recently raised $1.2 million from Polychain Capital to set up shop after a summer of building use cases for the lending space.
“Bloqboard has quietly launched last month in beta testing to a limited number of users with limited functionality. Approximately $150,000 in loans have been borrowed via Bloqboard. Bloqboard has not undertaken any marketing activities yet and continues its beta testing,” said Bahachuk.
The real goal is short selling, allowing users to borrow tokens, sell high and then repurchase them when the price falls. Only three exchanges allow this functionality right now.
“Coinbase provided reliable access to trade cryptocurrency and created a brand,” said Bahachuk. “We aim to create a brand in all things token lending. With much talk about tokenization of real assets, we believe that some real-world assets will become tokenized. Tokenized assets work well as a stable collateral, so businesses and institutions can borrow stable coins against such assets.”
The app is out of beta and ready for business. Now all you have to do is buy some sweet tokens.