Bonum is looking to change the way that we borrow money. Now that cryptocurrencies have become a major part of so many investment portfolios, speculators are looking for options that allow themselves to use the gains they’ve made in the crypto market over the last few years, without being forced to sell off assets that seem to have a nearly inexhaustible potential for growth.
Bonum Initial Coin Offering Details
The ICO for Bonum will begin on May 12, 2018. A pre-sale has already been completed for the business, with $750,000 USD worth of BFT, the Bonum token, being sold to preferred investors. During the initial coin offering, one BFT token will be sold for $1 USD and investors must purchase a minimum of 100 BFT tokens in order to participate. If you would like to know more about the details of the Bonum Initial Coin Offering and how the loan services will operate, please read the Bonum Whitepaper.
How Will Bonum Work?
Customers of Bonum will have two main options. They can either take out a loan or make a deposit. Those taking loans will have a fairly wide range of lending options and depositors will benefit from regular interest payments.
Loans with Bonum – The most common loan that will be offered by Bonum will be one where customers put up their cryptocurrency as collateral for a loan paid in FIAT money. Individuals that take advantage of this type of loan will pay a monthly interest rate annualized at 24%. If you happen to own a Bonum token as well, however, you will receive a discounted interest rate of just 18% annualized.
Loan payments are all enforced by smart contracts and Bonum has the option of selling off some of your collateral if you fail to make a payment or the value of your collateral begins to fall considerably. Once you’ve repaid your loan in full, you will receive back control of any cryptocurrency you utilized as collateral. This is a great option for anyone that needs a short-term loan but doesn’t want to miss out on the future gains their original crypto investment may yield them.
Purpose Loans with Bonum – The type of Bonum loan mentioned in the previous section has no restriction on use. It doesn’t have to be for a car or a house or mining equipment. You can use it for whatever you want to use it for. Bonum’s purpose loans, however, are designed specifically for individuals that wish to purchase digital currencies but do not have the capital to do so in the volume that they desire. In the case of a purpose loan, customers will put up 33% of the value of a Bitcoin purchase and pay off the amount over and above the down payment in a series of regular payments. Since Bitcoin has become so incredibly expensive over the last year, this is a great option for investors that are a little late to the party. Interest rates for purpose loans are the same as those for purpose free loans with Bonum.
Deposits with Bonum – You can also be on the other side of the loan equation by making deposits at Bonum. Individuals that deposit money into their Bonum account will receive an annual interest of 3% per year. If you also happen to hold Bonum tokens in that deposit, you will benefit from a 4% annual interest payment.