Recently we have seen the SOFIN project launch their successful preICO campaign on KICKICO and we were glad to see their tokensale closed reaching the soft cap. Following the project’s progress further we could see them only increasing their activity in marketing, community and development.
As a brief reminder for those who did not follow SOFIN’s preICO, here are several bullet-points about the project:
- SOFIN is a Social Financial Network aimed to provide a P2P marketplace for creditors and borrowers around the globe
- Creditors: private individuals, banks, microfinance organizations and funds;
- Borrowers: private individuals, individual entrepreneurs and organizations.
The important thing to notice is that unlike banks or other lending institutions a P2P marketplace is significantly more flexible and not subject to borders or limitations:
“The loans are issued in the fiat currency of the borrower’s country of residence. Creditors compete in tender mode (auction) offering their terms.
The Creditor decides how much money and what percentage to offer. The Borrower chooses the conditions that are profitable for him.”
It is always a big deal for a cryptocurrency project to stay within the community’s scope not only during but also after the tokensale, since raising funds is only a way to start up and develop, not the goal, of curse.
SOFIN managed to appeal to their audiences with several updates, including their collaboration with MicroMoney in the field of P2P lending:
the two projects will utilize the unique MicroMoney scoring system to approve loans, while MicroMoney will have an access to the SOFIN lending platform.
Both projects are bringing a solution to the world of P2P lending, which has to overcome a lot of limitations and financial and technical complexities, but in cooperation they seek to make lending available worldwide and simple.
The benefits of a well-balanced and reliable P2P lending systems are simple and genuine: cutting out big institutions and all the middle-men involved the ecosystem will allow higher return rates for individual lenders at the same time with the lower than traditional interest rates for borrowers.
According to Morgan Stanley, the growth of the P2P lending market expected over the next several years is extreme due to the very low starting point, or, in simpler words: this market has just appeared and it has a lot of potential to implement and develop.
All of the above was said to precede one announcement:
SOFIN ICO campaign starts right now and everyone is welcome to participate.
To support the project and to help the world of finance become easier to reach, more profitable and more decentralized for everyone, simply follow and back the campaign at KICKICO.COM.
As always, every ETH backer receives a 4% cashback in KICK and every KICK backer gets a 10% bonus, so backing your favourite project with KICKICO is not only user-friendly and simple but also makes a lot of financial sense.