PayDay Coin and KYC Legal Bring Blockchain Security to Micro-Lending
LOS ANGELES, July 30, 2018 (Newswire.com) - Global micro loan operator PayDay Coin announced today a new partnership with identity verification service KYC.Legal.
Together these innovative companies create a secure platform for lenders to increase revenue while benefiting borrowers worldwide. Identity verification ensures regulatory compliance for Know Your Customer rules in multiple jurisdictions.
Introducing the Partners
PayDay Coin uses a blockchain secured network to connect lenders and borrowers across international borders. Borrowers pay less for the loan than in other payday borrowing arrangements and lenders enjoy a greater financial return. This increases financial security for borrowers while giving lenders a potentially lucrative financial investment.
KYC.Legal is a two-step identity verification services that permits participants in the system to know with whom they are doing business. Using a blockchain network, KYC.Legal's mobile application allows for rapid verification that can be completed in under an hour. Underscoring public confidence in KYC.Legal's unique model is the fact that it raised $25 million in a recent ICO.
Security of Blockchain
Blockchain is an extremely secure technology. Existing in a decentralized network of multiple computers, it is difficult to disrupt or to hack. Each activity on the blockchain is sequential and confirmed by the entire network almost simultaneously. Because of blockchain's unique technical build, it is not possible to erase old transactions on the blockchain. Its existence across a decentralized network means blockchain is transparent and accessible to all users.
Commitment to Security
PayDay Loans are often the only option for individuals with financial insecurity. They pay a substantial price for lending, but lenders do not receive maximum benefit of this premium paid by borrowers. By changing the financial arrangement, borrowers have greater access to funds and lenders have the potential to recoup significant investment.
By working across international borders, PayDay Coin has the potential to link thousands of lenders to borrowers in parts of the world with little to no institutional stability. By using blockchain technology, PayDay Coin connects people across geographic distances. It gives funds to those who may not even have a bank account or risk loss of funds due to corruption or political instability.
Global Economic Opportunity
This represents an immense global opportunity. Worldwide, a staggering 200 million small businesses cannot access financing due to infrastructure constraints. 80 percent of the global population has no way of finding or securing a loan. Startup funds could mean the immediate start of 5 million new businesses if only they could get financing. Micro-loans, which have social and economic benefit for local communities, have an average interest rate of 35 percent, although in India market pressure has resulted in the rate dropped to 25 percent. PayDay Coin sees this need and has developed a unique solution to harness its potential.
Innovation and Legal Compliance
By partnering with KYC.Legal, PayDay Coin is reducing the risk for potential lenders who want to participate in this innovative new model. KYC.Legal provides a secure method for complying with regulatory authorities regardless of geographic location.
This partnership is an essential step in the development roadmap for PayDay Coin, which is on track to roll out mobile and web wallets by the end of 2018. PayDay Coin has other powerful partnerships in development.
PayDay Coin trades on CryptoBridge. Interested investors can find out more here: https://crypto-bridge.org
Learn more about PayDay Coin here: https://paydaycoin.io
Learn more about KYC.Legal here: https://kyc.legal
Source: PayDay Coin
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