Exclusive interview. INLOCK – the future of the lending platforms

Exclusive interview. INLOCK – the future of the lending platforms
Jul 29, 2018 by Rico Wise

BASE.INFO team has interviewed Peter Gergő the CMO of INLOCK project. We have asked the most topical questions to get acquainted with the project and to learn the future plans of the INLOCK team.

Please welcome, Peter Gergő.

Please describe your project in 2 sentences.

INLOCK solves the spendability problem of Cryptocurrency holders by enabling them to use their cryptocurrencies as collateral for FIAT loans. Operating in a safe and regulated environment.

Why did you decide that blockchain should be the basis of your project?

Thanks to the decentralized Blockchain the uninterrupted operation of the smart contract is ensured throughout the loan duration without any intervention being necessary from INLOCK. Furthermore, smart contracts running on the Blockchain contain trustless evidence and tasks which guarantee the integrity of all actors.

Why did you launch the ICO? Was it the only option to collect the funds?

We have evaluated our options the ICO seemed like a perfect option for our business model since the ICO itself is a great opportunity to grow our user base and extend the reach of our platform.

Briefly describe your team. Why these people became the engine of your project?

Co-founder and CEO, Csaba Csabai

He is a crypto and blockchain evangelist, an independent cryptocurrency blogger, and a well-respected member of the crypto community. Csaba spent the last 10 years working with KBC, the second largest bank group in the world. He participated in implementing and developing core banking solutions and built several lending systems, including a brand new fully digitalized onboarding and lending platform.

Peter Gergő: Co-founder, CMO

Peter is a passionate blockchain enthusiast who believes that cryptocurrency represents freedom and a way for people to gain back their control of their finances. He hopes to help everyone around the world understand the endless possibilities of cryptocurrencies. Peter joined the crypto space in 2017 after working in the marketing field for the majority of his career, successfully launching numerous product lines for Forcapil and Arkocaps.

Benedict Bánáthy: CSO

Benedict is a communication, marketing and business strategy expert with a special focus on the emerging technology of blockchain and crypto. At INLOCK, he is responsible for the company’s strategic coordination and development. Benedict is also the CEO and founder of Exolite, an EU based digital currency exchange, and supports numerous crypto projects.

Dr. György Cseh: COO

György Cseh is seasoned asset manager with over 20 years of experience with a Masters degree in Economics and a Masters degree in Law and he is a Certified EFFAS Financial Analyst. Previously, he held senior management roles in finance, investment and asset management, including CEO of CIB Investment Fund Management Ltd.

Csaba and Peter have been close friends for 12 years prior to teaming up and founded INLOCK, choosing Benedict as CSO brought an amazing energy and spirit to the project, along with György Cseh, whose experience and knowledge completes the core team a special mix of excellence.

What are the main centerpiece and the highlight of your project? What will attract the investors' attention?

INLOCK was created to unlock the purchasing power of cryptocurrencies without having to sell or trade them. The platform where (institutional) lenders compete for borrows with crypto collateral. INLOCK aims to solve the spendability problem while still helping crypto holders HODL.

What are your thoughts about ICO marketing? Can it be really effective due to all the restrictions and other phenomena?

It is definitely a lot harder than it used to be. We focus on providing quality content about the project, engaging the community with contests, asking for feedback from our followers and we are prepared to shape the project accordingly. A prime example being our token-split which was initiated by the community.

Why is your project better than your competitors?

When we examined the market we managed to identify the problems which lending platforms face:

- lack of regulatory compliance (this makes them struggle for business development)

- limited FIAT liquidity (in our business model we bring in institutional lenders from the regions we enter in order to be not limited by it)

- high-interest rates (on our platform banks compete for borrowers, and this market competition ensures fair percentages for our borrowers)

What are the major ways of monetization for your project?

The ILK token fits into the „fee” style utility token definition. ILK token is an inseparable part of INCOME Locker platform; with this token we can provide a fully transparent service where we are able to preserve the maximum value of our customers’ collateral. Our customers are able to get back their collateral without any cut after a successfully repaid loan contract. Every transaction on the platform requires a percentage based fee (based on the deposited cryptocurrency) which must be paid with ILK tokens. The number of ILK tokens required to cover the fees is determined by the actual exchange rate of the ILK token.

Which markets are the most attractive for you right now? Do you take in consideration the USA and other countries with the legal restrictions for the crypto crowdfundings?

We exist in the EU - it is only natural to start our service there. Our next targets are LATAM and SEA region, but we keep a close eye on how the regulation and legal situation evolves in the US.

Describe your project in 3 years? Will it change something in the world?

In 3 years we are able to extend our services to a global scale enabling cryptocurrency holders to keep on holding and at the same time being able to access the purchasing power of their crypto assets. We think that services like INLOCK are able to contribute to the mass adoption of cryptocurrencies since it solves a real problem. The future will tell whether cryptocurrencies will be considered a means of exchange or a store of value - if the latter dominates INLOCK's services will be extremely useful to many.