As the world grapples with the Silicon Bank crisis, many turn to cryptocurrencies like Bitcoin (BTC) to safeguard their assets in uncertain times. Amid this, Collateral Network (COLT) is emerging as a new challenger lender in the Web3 space, providing a unique solution for people who want to take out loans on their assets.
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Become Your Own Bank With Collateral Network (COLT)
Collateral Network (COLT) enables users to become their own bank. The platform allows peer-to-peer lending and borrowing without intermediaries like banks or financial institutions. This is achieved through smart contracts, which provide a decentralized environment where borrowers can collateralize their physical assets, which banks tend to avoid.
With Collateral Network (COLT), users can collateralize items such as vintage cars, gold, fine art, real estate, watches, collectibles, and more. These loans can be used for any purpose, like buying a house or starting a business, giving more control over their finances and eliminating the need for traditional banking services.
Collateral Network (COLT) issues an NFT backed by the borrower’s tangible asset on a 1:1 ratio, which is then fractionalized and sold to the COLT community at a predetermined interest rate. This approach allows borrowers to access multiple lenders rather than relying on a single one. Also, this minimizes risk as those who intend to lend their crypto can diversify to multiple backed NFTs.
In the event of a loan default, Collateral Network (COLT) provides a unique solution. The platform lists the authenticated asset on its private auction, only available to Collateral Network (COLT) token holders. On top of that, Collateral Network (COLT) holders receive numerous benefits, such as lower platform fees, staking incentives, and access to VIP groups.
Collateral Network (COLT) is in its first presale stage, meaning the token is selling at the lowest price it will ever be. Currently, COLT is valued at $0.014, and investors predict it can soon reach $0.35 once the presale is over.
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Banking Crisis and Bitcoin’s Price Trajectory: What Can We Expect?
Bitcoin (BTC) has rallied this past month from $19,955 to over $28,000, despite the collapse of Silicon Valley Bank, which has caused a domino effect of others going bankrupt. This is mainly due to people wanting to withdraw their funds and banks being unable to provide liquidity. As a result, this has led many to seek out alternative forms of investment and store value, such as Bitcoin (BTC), which has seen a surge in demand after the banking crisis.
However, the banking crisis has boosted investors’ confidence, who view digital currency, like Bitcoin (BTC), as an alternative to the traditional banking system. Bitcoin (BTC) has retained its dominance and is on the path to potentially breaking the $30,000 resistance level.
While the recent Bitcoin (BTC) rally has been impressive, it’s not uncommon for Bitcoin (BTC) to experience significant price fluctuations in a short period of time. As a result, we may see Bitcoin (BTC) correcting in the near future once the dust has settled after this banking crisis.
Find out more about the Collateral Network presale here: