As both blockchain technology and the digital economy mature and develop each day, the synergy between the two manifests into increasingly exciting and transformative projects. One such initiative looking to push the envelope is Depository Network DEPO, a blockchain ecosystem for lending and digital collateral.
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Headed by Bitcoin in early 2009, cryptocurrency was first introduced as a tool to empower citizens globally and provide them with superior alternatives to the financial institutions. While the utilities provided by Bitcoin and similar currencies were certainly worthwhile towards situations like cross-border payments, other activities that make up the finance sector have not been adequately provided.
Depository Network is looking to evolve the capabilities of individuals worldwide as the first ever decentralized multi-platform collateral network. Depository Network enables users to utilize digital assets, such as cryptocurrency, tokenized assets, and digital stocks and bonds as collateral to receive loans in fiat money. The decentralized nature of the platform ensures that borrowers and lenders can interact in a fair, trustless manner from anywhere, anytime.
How does DEPO work?
Money lending institutions create their own depositories on the network, where they can specify exactly which assets they accept, enabling a variety of eligible collateral that expands far beyond the Bitcoin and ERC20 token collateral accepted through Depository’s semi-competitors. Additionally, the individual depositor approach allows for many different types of lenders to come on board. The end result is an ecosystem made up of peer-to-peer lending platforms, non-bank lending institutions, and even the banks themselves all within the DEPO platform. Depository Network expects at least 10 peer-to-peer platforms and 50 non-bank lending institutions by the end of 2019. Long term, DEPO shoots to achieve adoption by hundreds of banks worldwide, alongside thousands of individuals and non-bank entities.
The Powerhouse Team
Much of the excitement behind Depository Network lies in its stellar team, composed of experts from both the blockchain and finance scenes.The CEO – Svetoslav Dimitrov spent most of his 15 plus years experience in law leading NGOs as a Managing Partner at one of the top 3 Bulgarian law firms. Martin Kuvandjiev is one of the co-founders of Bitcoin Gold, a top cryptocurrency with a market cap of over USD 500 million. Other team members have spent decades working in IT, finance, and legal positions. The magnificent team of advisors adds blockchain competence and business development skills from all over the world.
Recently the DEPO team participated in the Blockchain Summit London event where they presented the project and claim to already have 5 clients in the pipeline. “The interest towards Depository Network platform is huge and we want to concentrate to deliver first prototype.”, says Mr. Valeri Valtchev, long-term investor with ample experience in venture building and deal sourcing. Valeri is also Co-Founder and Business Developer of Depository Network.
The first prototype is in the process of development and will act as a stepping stone for the creation of quality-proven, reliable and secure end product. The financial and legal experts that dominate the team are exactly the individuals necessary to forge relationships and bring in banks to such a revolutionary platform. Simply put, Depository Network has exactly the team it needs to carry out its gargantuan vision.
Token Sale
As of July 3, the Depository Network pre-sale has officially launched. 50% of the 3 billion DEPO maximum supply will be sold throughout the entire duration of the token sales, for a maximum of US$15 million in funding. While the final stage ICO price of DEPO is US$0.02, pre-sale participants now can purchase DEPO at a 75% discount, for just $0.005 each.
Interested users can sign up for the pre-sale here. Stay in the loop by joining Depository Network’s Telegram channel, and make sure to follow them on Twitter and Facebook.