Launch of BlockLender
25/10/2022 07:00
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RNS Number : 9464D AQRU plc 25 October 2022
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Press Release
25 October 2022
AQRU PLC
("AQRU" or "the Company")
Launch of BlockLender
AQRU plc (AQSE: AQRU), an incubator specialising in opportunities in
decentralised finance ("DeFi"), is pleased to announce that it is launching a
start-up offering cryptocurrency-collateralised lending services under the
brand "BlockLender".
BlockLender will offer digital asset-holders the opportunity to use their
cryptocurrency as collateral to access instant loans, with a minimum starting
value of USD$100.
Unlike other companies in the sector that fund crypto-collateralised loans by
raising deposits, BlockLender places the collateralised digital assets into
smart contracts with well-established DeFi protocols, such as Aave, Compound
and Maker. This in turn acts as collateral for funding for the underlying
loan, enabling BlockLender to offer an interest rate to customers that is
amongst the most attractive in the market for a comparable loan. This funding
mechanism also means that BlockLender does not take excessive risks with
customers' collateral in order to keep returns high, thus mitigating one of
the main risk factors in the crypto lending market.
BlockLender is a standalone business and will be seeking to raise funds
externally in the private market. BlockLender has an impressive senior
leadership team made up of cryptocurrency and fintech experts. Philip Blows,
Chief Executive Officer of AQRU, will serve as Managing Director of
BlockLender.
BlockLender has been created as part of AQRU's efforts to offer investors
access to a wider range of services in the digital assets sectors. Through the
launch of BlockLender, the Company aims to meet demand for a sustainable and
transparent alternative to many existing crypto loan providers that use
customers' deposits to fund other loans, invest their collateral in DeFi
protocols with high levels of risk, and do not provide clear information on
how customers' assets are being managed.
BlockLender is being launched to a global audience, with certain regulatory
exclusions. No services will be offered in any territory where it would be
unlawful to do so.
Philip Blows, Chief Executive of AQRU and Managing Director of BlockLender,
commented: "While crypto-backed loans enable customers to use their digital
assets to make real-life purchases, many providers have taken on excessive
levels of risk with people's assets, without their customers knowing. With the
launch of BlockLender, AQRU is bringing much-needed transparency to the
evolving digital asset lending market. BlockLender's crypto-collateralised
loans not only provide customers with attractive interest rates, but also
offer transparent information on how investors' assets are being managed. With
an accomplished team of industry professionals, BlockLender is very
well-positioned to capitalise from the vast opportunities in cryptocurrency
lending."
The Directors of AQRU plc take responsibility for this announcement.
For further information, please contact:
AQRU
Philip Blows via Tancredi +44 207 887 7633
Chief Executive
Tennyson Securities
Corporate Broker
Peter Krens +44 207 186 9030
First Sentinel
AQSE Corporate Adviser +44 203 989 2200
Brian Stockbridge
Tancredi Intelligent Communication
Media Relations
Gabriela Amaya Garcia +44 7915 035 294
Charlie Hobbs +44 7897 557 112
AQRU@tancredigroup.com (mailto:AQRU@tancredigroup.com)
About AQRU plc:
AQRU is an incubator specialising in opportunities in decentralised finance
(DeFi), a disruptive technology using blockchain and cryptocurrencies to
remove financial intermediaries from transactions, creating a cheaper, more
efficient and more secure way of providing financial services. Listed on the
Aquis Exchange in London, we apply our expertise to the business operations
and strategic plans of FinTech companies in the UK, USA and Canada, and act as
an accelerator for start-ups and early-stage companies. www.aqruplc.com
(http://www.aqruplc.com)
Notes:
This document contains forward-looking statements which are subject to known
and unknown risks and uncertainties because they relate to future events, many
of which are beyond the Company's control. These forward-looking statements
include, without limitation, statements in relation to the Company's financial
outlook and future performance. No assurance can be given that future results
will be achieved; actual events or results may differ materially as a result
of risks and uncertainties facing the Company.
You are cautioned not to rely on these forward-looking statements, which speak
only as of the date of this announcement. The Company undertakes no obligation
to update or revise any forward-looking statement to reflect any change in its
expectations or any change in events, conditions or circumstances. Nothing in
this document is or should be relied upon as a warranty, promise or
representation, express or implied, as to the future performance of the
Company or its businesses.
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