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Decentralized lending platforms based on blockchain are going to change the way P2P finance works around the world. By removing the middle man in the negotiations and thus removing his share from the proceedings, these platforms are based on offering low interest rates and a guarantee of getting lenders’ money back in fiat or crypto.
While this idea of a fully decentralized P2P lending platform is still considered a novelty, a few inspiring platforms have stepped up and delivered the goods. Karma, a blockchain-based decentralized P2P lending platform has now started trading its native currency KRM and has allowed public access on the new groundbreaking platform.
The move comes after a successful $10 million Token Generation event for the 1.275 billion KRM tokens taking place last year. More than 1 billion KRM tokens were distributed in the campaign and the remaining ones are now locked.
Karma Tokens Now Available for Trading
The trading of the new token commenced on January 11, 2018. So it is true that Karma does pay one back! The platform most famously got support from OpenLedger, a Denmark-based fintech startup. Its platform Open Ledger DEX and South Korean exchange named CoinLink have been the first exchanges to start trading in the new cryptocurrency. The token listing on these two exchanges will allow further recognition and popularity of the new KRM token and the platform after a successful TGE.
The platform itself is currently under further development as the developers are waiting on public feedback on the existing portal. A fully functional P2P lending platform that works for both parties is no mean feat as it hasn’t been achieved right now despite consistent efforts from various startups.
The Karma Platform in a Nutshell
The main idea of the Karma platform is simple; to get capital from the developed world with popular stable fiat currencies (Dollar, Euro, etc) and help invest into countries where this money is of much more value than the parent country. This may seem as outsourcing capital to the third world but in reality it is much more than that.
There are many issues that need to be resolved while coming up with such a P2P lending platform like how do you ensure the lender gets his money back in a P2P transaction? Platforms like Karma are working on multiple solutions on that front.
Karma has delivered the first functional blockchain that works and that too within a few weeks of the ICO closing date so the early signs are very encouraging. Ronny Boesing, CEO of OpenLedger stated that;
“As their PR & Marketing partner during their token sale, and with a functional blockchain presented only a few weeks after the closing of their ICO, one has to say this ICO has delivered as promised and I am personally looking forward to seeing how this project will further evolve in future.”
All the OpenLedger users can now take the KRM tokens away from the platform’s wallet and into the Karma blockchain for lending purposes. The company released a set of instructions for this purpose in Korean and English. Trading KRM is also enabled as mentioned before on the OpenLedger DEX.
To learn more about Karma visit: https://tokensale.karma.red/
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Karma Token Starts Trading in Cryptocurrency Exchanges after Million Crowdfunding Campaign