THELOGICALINDIAN - We afresh appear on a way to absolution disinterestedness from your crypto backing whilstretaining ascendancy of your assets But a new startup intends to agitate up the pawnbroking industryenabling loans anchored on gold backed by blockchaintechnologies
[Note: This is a sponsored article.]
The basal abstraction abaft a anchored accommodation from a pawnbroker is this. You charge abbreviate appellation money and accept article of value, but you don’t appetite to advertise it. You booty it to the assurance shop, who appraise the account and action you a loan, befitting the admired account as collateral.
Interest and fees will be added to the accommodation amount, and the absolute sum charge be paid aback by the agreed date. The assurance agent again allotment your item… or you don’t pay aback the accommodation and your account is awash by the assurance shop.
The account of this is that you can absolution the disinterestedness in your backing after accepting to accord them up. The action is about actual quick as it does not crave the aforementioned akin of acclaim checking. Sadly, the assurance industry has historically had about as bad a acceptability as the one it sounds like.
Startup GoldMint affairs to action a agnate system, whereby you use their GOLD tokens as the accessory to defended the loan. They almanac capacity of the accommodation on a graphene-based blockchain, which provides an abiding balance of anniversary transaction. The accommodation comes in the anatomy of a acclaim card, with a absolute agnate to the amount of your collateral.
GOLD tokens are activity to be called to the amount of gold, actuality backed by concrete gold assets and ETFs. This will accommodate a abiding valuation, adverse the accident of aberration in accepted cryptocurrencies.
GoldMint intends to install defended ATM-style machines at pawnbrokers about the world. Called the Custody Bot, these machines will acquire deposits of gold jewelry, bill or added items.
The Custody Bot will counterbalance the gold and assay it with a spectrometer, accouterment an burning appraisal and about-face into the GOLD token. The apparatus will abundance the gold items securely, and the GOLD tokens can again be acclimated as accessory for a loan.
GoldMint is additionally activity to affair addition badge alleged MNT, to facilitate the blockchain and conception of acute contracts. MNT owners will accept a admeasurement of the agency taken from advance GOLD transactions.
An ICO for MNT tokens starts on September 20.
How do you anticipate GoldMint will affect the pawnbroker industry? Let us apperceive in the comments below.
Images address of GoldMint, Pexels
