- Token sale sells out 1st tranche of 8m tokens in 24 hours
- Loan demand reaches over $190 million including about $50 million in non-crypto related loans
- SmartFi has funded its first $2 million in small business loans that would have normally been funded by traditional lenders
Oct 12 2021 - SmartFi, the open lending cryptocurrency platform, which launched in July 2021, has raised over $10 million in the first 2 weeks of its unique SmartCycle token sale. Token purchasers buying over $1 million in SmartFi’s SMTF tokens apiece include Blockfills and a consortium from a software development team.
The first 8m SmartFi Tokens sold out in 24 hours at a price of $.70. The current price is $1.29, which is an 85% price increase via the SmartCycle model. SmartCycle is a unique index which charts the release of SmartFi tokens to fund loan demand; the more loan demand, the higher the price of the token. Under existing loan demand, the index forecasts a token price of $8.14, an increase of 575% from the current price.
Because of the new unique financial model, SmartFi is able to provide a 100% buy-back guarantee of the original purchase protecting SmartFi token buyers; the same feature also enables the SmartFi token to resist bear market downturns. This DeFi model is already providing better, safer financial value than most other platforms, yield farming, staking, coin interest accounts and liquidity mining.
In-process demand for SmartFi’s loans has reached over $190 million and these will be released to SmartCycle when the loans are approved. Some token sale participants have funded their purchase of the SMTF token by borrowing against their Bitcoin; this preserves the value of their Bitcoin assets and gives them the new value of SMTF token. The success of the SmartCycle has allowed SmartFi to compete with traditional lenders like banks, funding non-crypto related loans, including the first $2 million in traditional small business loans. These borrowers do not know that their loans are funded by cryptocurrency value.
SmartFi CEO Aaron Tilton commented: “We believe that when the average person’s financial dealings are impacted by cryptocurrencies unknowingly, that is when the true potential of cryptocurrencies is unleashed. SmartFi is doing just that: competing with traditional lenders to provide dollar loans, using crypto as the underlying asset.”
