P2P cryptocurrency lending platform Etherecash has raised up to $40m through its ICO, with contributions coming from over 46,000 investors.
The company uses lawyer-backed smart contract technology to improve security, transparency and reliability for crypto loans. Through the solutions, lenders can loan internationally without border fees, while borrowers can access tokens at 70 to 80 per cent of their value.
Etherecash can also be used to send money worldwide, making payments with minimal fees in a secure and private ecosystem. A crypto debit card is also available and allows users to deposit multiple currencies to be spent through shopping or ATM withdrawals into local currency.
Following the close of the ICO, the company’s next steps are to expand its development team and then it will look to further build the platform and tokenisation system. In Q3 2018, Etherecash will look to establish the alpha and beta lending and money transfer platform.
ICOs and cryptocurrencies have been a hot topic in the past couple months, and lots of companies have closed their sales. Earlier this week, ICO HeadStart raised $10.8m pre-sale, which saw cryptocurrency commitments and capital from angel investors.
Earlier in the month, iComplyICO, a compliance platform that automates securities regulation for ICOs, raised an undisclosed investment from MIT Fellow Praveen Mandal.
The blockchain and cryptocurrency sector has seen a record year of funding, with $1.4bn being invested over the year so far. Of this funding, the majority of the capital went to North America, with it receiving more than three-times the capital than the rest of the world.