PRE ICO Dates : 07/04/18 – 14/04/18
The first securities lending platform for the crypto economy
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Lendingblock ICO is an open exchange for borrowing and lending cryptocurrencies and digital assets. It allows borrowers and lenders to enter into fully collateralised crypto vs crypto lending agreements. Lenders can earn incremental interest income on their long term investment in digital assets, while borrowers can use their digital assets as collateral to enable borrowing to support shorter term trading, hedging and working capital needs. Lendingblock is creating a parallel financial service for the crypto economy to securities lending in traditional capital markets, a market that has $2trn of assets on loan and generated $4bn of revenue in 2017. This white paper will be released and extended incrementally in advance of the announcement of the token sale on 9 March, 2018.
Lendingblock ICO is a protocol and platform designed to enable and encourage borrowing and lending within the crypto financial system, bringing the economic benefits of lending (increased spending and growth, connecting capital supply and demand) to the distributed blockchain economy, but minimising the need for inefficient intermediaries that are unnecessary in the cryptographic asset environment.
Lendingblock is creating the market and financial infrastructure for securities lending in the crypto-economy. The value of securities on loan in the securities lending marketplace has reached $2trn in 20171, this makes up 12% of all stocks and bonds in circulation. It is expected that the market of cryptocurrencies and digital assets will follow a similar evolution in the credit markets with regards to financing but with a faster rate of adoption given the transparency and fluidity of the market.
Lendingblock will be the first exchange for crypto asset backed loans that meets the needs of institutional and individual borrowers and lenders in the crypto-economy.
Lendingblock is creating an open exchange for borrowing and lending crypto-assets. Holders of digital assets will be able to generate stable and secure returns without sacrificing the benefits of ownership, and borrowers who hold digital assets will be able to use these digital assets as collateral to borrow at market rates to support funding, hedging or investing strategies.
Token Sale Process
Size of Issue: 1,000,000,000 LND will be created during the token sale.
Total cap: Following the completion of the token sale no further issues will be made, capping the volume of LND at 1,000,000,000
A hard cap or ceiling will be set at the ETH equivalent of USD 10,000,000 at the start of the sale process.
A soft cap or floor will be set at the ETH equivalent of USD 5,000,000 at the start of the sale process.
Failure to reach the soft cap level will result in ETH being returned to purchasers, once expenses incurred in the token sale have been deducted.
If funds raised are between the hard and soft caps, unsold LND will be destroyed.
Total circulating supply: 600,000,000 LND (60% of total supply) will be offered for sale during the token sale process, in three phases:
Private sale phase will conducted under the following conditions:
The funding cap will be USD 500,000
25,000,000 LND will be offered during the private sale;
A 1:1 bonus award will apply to the private sale period, so that an additional 25,000,000 LND will be awarded to participants;
The effective price of each LND will be USD 0.01 ( USD 500,000 / 50,000,000 LND);
Bonus LND awarded will be subject to a sixty day holding period;
There will be a set participation level of USD 50,000 per participant for the private sale;
The private sale period concluded at 21:00 GMT, Friday January 26th, 2018.
Pre-sale phase will be conducted under the following conditions:
The funding cap will be USD 7,500,000
375,000,000 LND will offered during the pre sale;
A 5:1 bonus award will apply to the pre- sale period, so that an additional 75,000,000 LND will be awarded to investors;
The effective price of each LND will be USD 0.016667 ( USD 7,500,000 / 450,000,000 LND);
LND purchased during the pre sale period will be subject to a thirty day holding period;
Bonus LND awarded will be be subject to a thirty day holding period;
There will be a minimum participation level of USD 25,000 for the pre-sale;
The pre-sale period will commence at 15:00 GMT Friday March 9th, 2018; and
The pre-sale period will conclude at the earlier of 15:00 GMT Friday March 16th, 2018 or when the 375,000,000 offered LND are sold.
Main sale phase will be conducted under the following conditions:
The funding cap will be USD 2,000,000
100,000,000 LND will be offered during the main sale;
The effective price of each LND will be USD 0.02 ( USD 2,000,000 / 100,000,000 LND);
The main sale period will commence at 15:00 GMT Friday March 23rd, 2018; and
The main sale period will conclude at the earlier of 15:00 GMT Friday March 30th, 2018 or when the 100,000,000 offered LND are sold.
Growth fund: 150,000,000 LND (15% of total supply) will be held as a growth fund, to be used at the discretion of the management team to increase the utility of the platform in a way that benefits users and investors. Potential uses of this reserve may include but are not limited to
Encouraging community development of complementary end user tools that allow borrowers and lenders to access the platform through the Lendingblock API;
Raising additional funding for subsequent platform extension where user demand warrants;
Establishing partnerships with complementary businesses;
Providing operational funding during the initial period after launch before trading revenues are sufficient to cover costs; or
Providing a LND liquidity source for borrowers and lenders needing to purchase or sell LND tokens.
Team, partnerships and bounty: 250,000,000 LND (25% of total supply) will be distributed to the founding team, employees hired in first 12 months, advisors, and pre-ICO service providers including participants in marketing and security bounty programs.
15% will be allocated to the Lendingblock founders;
5% will be allocated to Lendingblock employees hired in the first 12 months;
5% will be allocated to advisers, service providers, and bounty programs.
Vesting: The following vesting schedule will apply to founders and employees to ensure long term commitment and alignment of incentives with token holders:
20% vest on latter of issue or hire date;