Marketlend Launches New Stablecoin Against the Australian Dollar for Security Token Purchasing
Alo Kingsley Oct 29, 2019 02:30
Marketlend creates a digital currency to be backed by the Australian dollars to create a secondary market for corporate loans prompting a means through which assets can be tokenized over the blockchain.
Marketlend, an Australian-based online marketplace that prompts lending in a secure environment, has developed a new digital currency known as 'Black,' which is supposed to be on a 1:1 ratio against the Australian dollar. The main purpose is to create a secondary market for corporate loans prompting a means through which assets can be tokenized by blockchain, as reported by the Financial Review on Oct.28.
The launching of Black will make it possible for 26 investors in one of the loans on the platform to hold their digital currency in a digital wallet which according to Leo Tyndall, founder of Marketlend:
“Marketlend will formalize recordings on the blockchain ledger, improving the security and efficiency of transactions."
About the entire structure, Tyndall said that it did not just come rather, it took some time, resources, and rigorous testing. In his words, he said: "This is the result of many months of research and testing, and we believe this will drive greater speed, efficiency, and security across the Marketlend platform and its global recognition."
The new currency is capable of being used to purchase a security token, which can easily be traded on Marketlend's loan exchange or other security token exchanges. This is meant to provide investors with a perfect option, which should reduce the expensive order of credit.
As stated by the news, Black was created using Polymath technology. In this regard, the head of tokenization at Polymath, Graeme Moore, commented that he expects more financial market applications for crypto-assets worldwide.
“Given the size of the markets they operate in, the big investment banks won't be the leaders with rolling this out, but they will closely watch innovation in start-ups, and if these small market use-cases prove themselves, then I expect significant scaling up worldwide.''
Image via Shutterstock
