Major global blockchain firms have invested tens of millions of Yuan into Chinese distributed digital assets platform LendChain, the firm announced on its official WeChat account. AccessWire reports that the millions were raised from Chinese blockchain company GXChain, Sydney-based blockchain firm Bitepai, Beijing-based investment fund PreAngel, Fission Capital, and others.
LendChain was founded in 2018 as an investment platform for cryptocurrency holders. It offers financing, investment, and insurance information for assets holders. For financing, LendChain supports mortgage and credit services covering major cryptocurrencies. For investment, LendChain has a team of professional analysts to provide various products, including venture capital, quantitative fund, lending, and mining.
All transactions are completed on blockchain to ensure that the information is immutable. LendChain also provides smart contracts to provide mortgage management, credit assessment and after-loan monitoring.
Launched only last month, LendChain claims it has already attracted hundreds of customers and has facilitated loans worth about $234,000 in this month alone.
The proceeds of financing will be used for product development and marketing, as well as supporting its operation in Blockcity, a virtual city built by GXChain. It is important to note that GXChain ‘s Blockcity, which has 1.6 million real verified residents will divert traffic for LendChain, so there are more vertical users who can easily understand and use the LendChain platform. LendChain will therefore leverage Blockcity to improve online traffic.
The Hangzhou-based GXChain supports smart contracts, blockchain as a service (BaaS), and also provides services including ID verification, multi-dimensional data, KYC, and swift login. It’s virtual city Blockcity assists users to consolidate their data and stores encrypted on a distributed file system. GXChain’s partners include Union Pay, Rong360.com and China Unicom. This explains why it was easy for the company to be the main financier of the newcomer on blockchain.
Experienced and Dedicated Team members
LendChain’s founder and CEO, Oscar, is a former top executive at GXChain. Another main member of the startup is Samuel who is a Co-founder and the current product manager of LendChain. Samuel has immense expertise in the blockchain industry as he is the former co-founder of Zhuge wallet and former product manager of Netease Finance. All members of development team are experienced engineers and have a wide array of expertise and skills, having previously worked in leading tech companies.
Following the immense success during the financing round table, Oscar said that he first fell in love with blockchain technology after interacting with Bitcoin in 2013 and has witnessed the rapid growth and development of blockchain gaining massive experience that he hopes to use to propel the startup to the next level. Oscar said during the announcement of the financing deal,
I have my own thinking and insights for blockchain and digital assets. Our team dedicates to make contribution to this industry based on our experience and expertise on finance.
What’s your take on LendChain? Does it have the capacity to revolutionize the blockchain industry? Let us know in the comments section.