Valentin Preobrazhenskiy worked at hedge funds when he discovered that emerging markets have a very low home loans penetration due to low transparency for investors and prohibitively high deal costs. He drafted a business plan of a home equity lender solving this problem
We launched a home equity loans broker to develop it into P2P online marketplace. The first deal was closed in May with a $1200 commission.
After the launch of the marketplace 25 investors and 7 banks made more than 15 000 calls with clients via the platform and arranged over 1200 meetings resulting in over 1000 + deals closed in 2016. In December 2016 the first bank made an automated sale of a home equity loan via the platform.
Banks and real estate owners need the blockchain to sell assets on the secondary market. Banks can automate selling loans off balance sheet if loans are transparent on blockchain for secondary buyers. This enables banks to provide the best rate available on the marketplace to any borrower.
We developed AIBanks as a blockchain platform for selling loans and assets off the balance sheet. Because the platform allows trading of non banking assets and eventually removes the middleman we rebranded it to the Liquid Asset Token (LAToken)
LAT wallet allows users to control account balances of tokens, make transactions, create new tokens and link them to assets.
Trading of tokens linked to prices of shares (e.g. Apple, Amazon, Tesla) and commodities (oil, gold, silver) started at the LAT platform
Round 1 of the Token sale was completed in just 3 days (7 days were planned initially) due to the high demand. Around $10 mln raised. The proceeds will be used for the trading development of tokens linked to real estate prices.
The proceeds will be used for trading development of the tokens linked to the key asset classes: Round 2 – Real estate, Round 3 – Debt and commodities, Round 4 – Illiquid assets (e.g. works of art). The total Token sale's hard cap is $40 mln.
Start of the full-scale trading of asset tokens linked to real estate and artwork prices. Listing of major third party's asset tokens at the LAT platform.