By George Geddes on Tuesday 6 November 2018
The funding will be used to expand the platform to South America, Asia and Europe.
After only two weeks, the London-based crypto platform Nebeus has raised £1.1m in its latest crowdfunding campaign. With nearly 500 investors, Nebeus will build towards its goal of “banking the unbanked”.
According to Nebeus there are 5 billion people in the world with mobile phones but 1.7 billion without a bank account. A number of these people have lost trust in their local banks but still require access to money. The platform aims to develop financial services through mobile phones and cryptoassets to regain that trust and access.
Nebeus has recently expanded into several countries in Africa where cryptocurrency has grown in popularity in addition to being home to a significant portion of the 1.7 billion without bank accounts. The raised capital will go towards further expansion throughout South America, Asia and Europe.
The platform offers a variety of products and services including a crypto-exchange, digital wallet, account card and loans, all of which are available through a user’s phone.
Cryptocurrencies can be used as more than just an investible asset. Nebeus offers the function of using cryptocurrency as legal tender with its account card. It works by crediting the account with cryptocurrency and can be used like a normal debit card, debiting the account by the equivalent crypto value using the platform’s exchange rate.
In addition to the buying, selling and holding of cryptocurrencies which most exchanges offer, Nebeus enables its customers to apply for peer-to-peer loans using cryptocurrency as collateral.. The loans are targeted at individuals who anticipate another bull run and can use the returns gained to pay the loan’s 20 per cent annual interest rates. To reduce the credit risk caused by the elimination of credit checks, the platform requires a significant loan-to-collateral ratio of 50 per cent.