TomoChain To Launch P2P Lending Feature Through Its TomoDEX Platform
TomoChain To Launch P2P Lending Feature Through Its TomoDEX Platform
June 6, 2020
TomoChain To Launch P2P Lending Feature Through Its TomoDEX Platform
TomoChain To Launch P2P Lending Feature Through Its TomoDEX Platform
June 6, 2020

TomoChain, the Singapore-based cryptocurrency exchange, will launch a peer-to-peer (P2P) lending feature through its TomoDEX’s platform.

It has been reported in an announcement that TomoDEX is the first decentralized exchange (DEX), powered by the layer 1 protocol TomoX, which will have a maximum of 150 DEXs running on it. Currently, it’s in soft launch with spot trading enabled.

However, the DEX boasts a reported speed of 2,000 transactions per second.

Long Vuong, the CEO of TomoChain, said that the P2P lending feature does require a trusted custodian and there will be no information asymmetry.

Vuong added:

“All functionality is handled through auditable smart contracts and secured by the TomoChain blockchain. The P2P lending service uses a unique and familiar spot trading order book approach to provide fixed-term USDT loans of 1, 7, 30 and 90 days based on interest rate and position. Borrowers can flexibly back their loans through a choice of collateral too, including BTC, ETH & TOMO.”

It has been analyzed that TomoChain relies on a system of 150 masternodes with Proof-of-Stake Voting (PoSV) consensus by supporting EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers.

ALSO READ :  92% Of Institutional Investors Keep Their Cryptos On Exchanges

Vuong said that the platform “is entirely permissionless and has no centralized component, unlike most other hybrid-DEXS.”

Also, he stated that, as its functionality is integrated directly into the base layer of the TomoChain blockchain, TomoDEX can operate at the same speed as the chain.

He added:

“Users get a fast trading experience, close to that of any centralized exchange without the downsides of trusting a third party.”

As per the report, TomoDEX users don’t need to hold the company’s native token, TOMO, as trades are wallet to wallet and entirely on-chain.

The Know Your Customer process is optional for any DEXs launching on TomoX:

“TomoDEX is a facilitator that does not custody user funds or manage user accounts in any way unlike that of a traditional centralized exchange, so the onus is on the trader to be responsible for reporting gains and losses in their local jurisdictions. That said, we will observe and abide by crypto regulations as they form, and comply as is required.”

Thus, TomoChain said that they would be listing other native blockchain tokens soon.

ALSO READ :  Indian Bank United Multistate Credit Co. Operative Society To Expand Its Banking Services To Cryptocurrencies

Source: Cointelegraph | Image: TechNode


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

MicroStrategy Hits Another $10 Million Purchase

MicroStrategy Hits Another $10 Million Purchase

MicroStrategy has hit another $10 million purchase after March 4 (Thursday’s) market uncertainty. It has been reported that Michael Saylor, the CEO of MicroStrategy, said that the company purchased another 205 BTC at...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.