LQD Business Finance, a Chicago-based tech-enabled alternative lender, launched development of a Bitcoin business lending platform.
According to LQD Business Finance, the platform will make it the first company to use Bitcoin as currency for commercial loans. While Bitcoin can be used as collateral to obtain a loan currently, the company’s platform will use Bitcoin as a lending currency.
LQD Business Finance’s platform will achieve this goal in two ways. First, LQD Business Finance will build upon the Provenance blockchain for the process of documenting and packaging loans. Secondly, the company’s platform will lend in Bitcoin.
“Bringing increased efficiency and accuracy to commercial lending [is] at the core of LQD’s DNA. Adding a blockchain to our existing tech-stack enables us to better achieve that goal,” George Souri, CEO of LQD Business Finance, said. “Major players are now starting to see Bitcoin as a usable currency, and we see this trend continuing. LQD’s platform will allow investors and business borrowers to benefit from this trend by creating a market in which private debt demand and Bitcoin holders can efficiently transact.”
LQD Business Finance currently services the private debt market as an alternative lender.
“While LQD is involved in lending, what we really are is an inventions company looking to bring greater efficiency and accuracy to private debt markets. We see ourselves as the Amazon of private debt. So, our move to innovate in crypto-debt is a natural continuation of our core mission” Souri said.
