CALIFORNIA — August 28th, 2019
Has a bank ever let you decide the rates on credit?
That’s just what Constant pledges on its peer-to-peer lending platform. All you need is some cryptocurrency collateral to secure the loan. The rest, including the interest rate and term, is up to you.
The choice of cryptocurrencies is staggering. As of today, Constant supports over 50 different tokens. Its most recent addition is MATIC, the native token of Matic Network, a high-throughput Ethereum sidechain that promises a better user experience and an end to high gas fees.
If you own MATIC for the long term, as either investment or for utility in the platform, you can now use your tokens to borrow cash at preferred interest rates — assuming there’s an investor happy to lend at those terms, of course (the market rate is around 10% APR). No credit checks or paperwork, and you get the tokens back when you repay.
Duy Huynh, Constant’s founder, said: “Blockchain applications have enormous disruptive potential, but until they scale, it’s just great tech without a home. The folks at Matic Network, however, are building the tools and framework that can handle the big numbers. It’s incredibly exciting stuff and we’re happy to offer their community a way to unlock liquidity from their tokens.”
Matic Network handles around 65,000 transactions per second. But it’s not all about throughput — Matic shares Constant’s passion for great customer experiences: “We want to make interacting with the decentralized ecosystem so easy that anyone can do so without worrying about the complexity of the system,” the company states on its website.
In other words, dApps on Matic should be as easy to use (and develop) as non-Matic dApps. This is crucial to mass adoption.
“The race to mass adoption is pretty crowded,” added Huynh, “but Matic Network stands out for putting humans first — not just developers, but the people using the applications. So I’m sure MATIC will be in even higher demand as the network grows. Especially now holders can use their tokens to secure loans at favorable rates instead of selling those assets to get the money they need.”
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Headquartered in California, Constant is an alternative financial services platform designed to strip out the inefficiencies of the traditional banking industry and help people get more out of their money. Constant was founded by a team of scientists, economists, engineers, and designers, fully devoted to the mission of building simple, elegant financial tools for an increasingly interconnected world.
About Matic Network
Matic Network brings massive scale to Ethereum using an adapted version of Plasma with PoS based side chains. Aiming for mass adoption of blockchain technology, Matic Network offers a combination of blockchain scaling, a developer platform and tools, and a rabid focus on user experience.
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