Overview

  • Country Singapore
  • CategoryFinance/ Lending platform

A decentralized lending ecosystem that facilitates open access to credit anywhere and anytime based on the Ethereum blockchain.

Project stage

Only a whitepaper

Detailed description

Libra Credit is a decentralized lending ecosystem that facilitates open access to credit anywhere and anytime based on the Ethereum blockchain to be developed by Libra Foundation. Libra Credit will be launched in July 2018 with crypto-to-crypto and crypto-to-fiat lending underpinned by its industry-leading credit management capability and four distinctive partnership networks forming a world-class lending ecosystem that encompasses: 

  • In-house Proprietary AI-based Credit Model; 
  • Customer Acquisition & E-Wallet Partnership Network to drive adoption; 
  • Lenders & Stablecoin Partnership Network to drive liquidity; 
  • Extensive Exchange Partnership Network to minimize default;  
  • Identity Verification Partnership Network to expedite KYC & verification process.

Libra Credit is a global initiative by Libra Foundation with a mission “Credit for the Real World”. The team has a track record in digital credit services across Asia. Powered by its proprietary big data, AI-based credit assessment technology and existing global partnership networks, Libra Credit has the expertise and capabilities to realize its mission.

Problem

Challenges of Traditional Credit Services:

  • High barriers to credit services due to limited or unrecognized personal credit data 
  • Unsatisfied borrowing experience due to complicated KYC procedures, long processing times, low application transparency and high borrowing costs ~10% globally (World Bank) 
  • Difficulty in cross border, cross currency and cross time-zone lending
  • Increased lending difficulty due to lack of traditional records of the digital savvy generation
  • Opportunity cost of uncaptured digital savvy market segment.

Challenges of the Crypto Market:

  • Lack of liquidity and integration into fiat financial service offerings
  • Difficult to convert between digital assets and traditional assets (i.e. gold, stocks, bonds, real estate, etc.)
  • Lack of recognition and application as a general payment method / asset class
  • High volatility and speculation with little to no asset backing.

Solution

Libra Credit is launched with the mission to provide “Credit for the Real World”. Devoted to the provision of credit anywhere and anytime, Libra Foundation will build a secure, convenient and globally inclusive financial services ecosystem. In light of the opportunities presented in distinctive markets, a network solution will be key in unlocking the value of existing geographic and functional solutions. Our team of financial services veterans and blockchain technologists has a proven track record in building payments, retail lending and risk management solutions.

The Libra Credit Platform focuses on a dual-credit risk scoring mechanism that takes into account both the creditworthiness of the pledged collateral, as well as the individual credit information of the borrower. Borrowers may pledge any crypto-assets as collateral and receive loans in their desired asset. Through smart contracts and our own proprietary collateral valuation and liquidation system, Libra Credit will lock in agreed terms between borrowers, lenders, custodians, guarantors and liquidators.

Features

Extensive Partnership Networks:

  • Collaborating with partners in both crypto and financial markets 
  • Synergies with crypto exchanges, stablecoin providers (e.g. Maker DAO), 3rd party identity verification providers (e.g. uPort) and financial institutions (e.g. banks) 
  • Reinforcing Libra Credit while delivering value for our partners.

Proprietary AI-Based Credit Assessment Framework:

  • In-house risk management technology which has been deployed in China and the ASEAN market successfully 
  • Pioneer in digital credit services, leveraging a dual-credit assessment framework that considers collateral viability and borrower credit score.

Flexibility For Participants:

  • Crypto-to-fiat loan allowing collateralization of cryptocurrencies to spend fiat without sacrificing their current crypto position 
  • Crypto-to-stablecoin loans enabling borrowers to hedge price volatility without exiting 
  • Crypto-to-crypto lending allowing borrowers to pledge other alternate tokens for more mainstream crypto currencies (i.e. BTC / ETH) with better liquidity.
Show details

Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : LBA
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 26,400,000 USD
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :1,000,000,000 LBA
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :400,000,000 LBA
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Closed
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :ETH,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :China, USA,
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :Yes
    Get details
  • Token and Funds Distribution

    Token distribution date

    After monday, may 14, 2018, libra will be able to distribute the libra tokens and return excess ether for each whitelisted ethereum address, within 5 days.

    Unsold tokens

    NA
      • Token Distribution

          Vesting notes

          • Token Reserve 1 : Lock up 24 months
          • Token Reserve 2: Lock up 36 months
          • Team Reserve: Lock up 24 months
        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Public sale — Ended
      01 May 00:00 UTC
      14 May 00:00 UTC
      0.1 USD No Min 0.5 ETH Uncapped 26,400,000 USD
      Private sale — Ended
      Start Soon
      NA No - Uncapped Uncapped
      • Team

        • Lu Hua photo
          Lu Hua
          Co-Founder & CEO
        • Dan Schatt photo
          Dan Schatt
          Co-Founder & President
        • Howard Hu photo
          Howard Hu
          Chief Scientist
        • Francesco Matteini photo
          Francesco Matteini
          Chief Compliance Officer
      • Advisors

        • Vincent Zhou
        • Kenneth Oh
        • Scott Thompson
        • Liam Robertson
        • Brett King
        • Greg Kidd

      Roadmap

      • Q4 2017

        Libra Credit Idea Generation

      • Q2 2018

        LBA Token Sale & Token Activation

      • Q3 2018

        Libra Credit Platform (Desktop version) Launched for crypto-to-crypto/fiat lending

      • Q4 2018

        Libra Credit mobile App Launched

      • 2019

        Other digital asset-to-crypto/fiat lending enabled with extended partnership networks

      • 2020

        Digital/financial/physical asset-to crypto/fiat lending enabled with global partnership networks

      Activity