The main function of CLT is to pay the platform fees. This covers fees for borrowing and providing the loan. But we’ve promised in the White Paper to make borrowing in CLT possible and CoinLoaners asked us a number of times to increase token utility ASAP. We always heed the call of our community!🦄
Now it is possible to use CLT as the collateral when taking out a loan. It means that CoinLoan Token is useful throughout the loan process, not just for paying fees.
CLT is on the way to gain excellent market liquidity soon, but until then we decided to provide a maximum LTV ratio of 20%. This limitation is intended to protect the lender’s investment and ensure full repayment of all loans without delays.
By the way, there are some more cryptocurrencies that can be used as collateral: BTC, BCH, ETH, LTC, XMR, ONT [upd. 07.22.2019]. New ones are coming soon!
How Does It Work
CoinLoan Tokens are available for deposit and withdrawal at My Wallet tab. To choose CLT as collateral, select it on a drop-down menu while creating or accepting a loan application.
Please be reminded that CoinLoan Token [CLT] is listed on:
- YoBit: https://yobit.net/en/trade/CLT/ETH
- LATOKEN: https://wallet.latoken.com/market/Crypto/ETH/CLT-ETH
- IQFinex: https://www.iqfinex.com/classic/CLTETH
If you didn’t withdraw your CLT after the Token Sale, you can do it here.
Curious to learn more?