Cryptocurrency space is spreading over the people’s brains, and they are looking out for business opportunities in the realm. The booming of fintech market space has strived for advanced features such as Decentralized Finance (Defi) applications and its allied services with digital currencies. The trading of cryptocurrencies has now become a lucrative evergreen business that the crypto enthusiasts shower interest on. The new pop-up in the town is crypto lending platform development!
This blog post gives you a rough idea of features to be added to your platform while diving into crypto lending software development!
Features to opt for while diving into the crypto lending software development!
Borrower Management
The borrower management module helps the lending platform community to streamline, verify and validate their borrowers efficiently. Also, the borrowers can instantly get loans from the investors based on their credit score. The lender can verify the borrower’s transaction history and then sign off the deal to be on the safer side.
Lender Management
This module of the crypto lending software helps community members effectively manage the investors and small-scale lenders. Lenders can be verified as per the KYC compliances by the network community. The lenders would be notified of the matching investment deals and the borrower’s authenticity.
Lead Management
This feature helps in tracking the trading process. The lender and borrower can trace the transaction status such as KYC, e-signature, payment status of the borrowers. The lender can leave comments or feedback on the borrower based on his trade experience.
Know-Your-Limit
This feature restricts lenders and borrowers with trading limitations based on their income certificates and other authorized proofs. Depending on the requirement, these features can be customized while developing the lending platform.
Document Management System
The identity proofs, quotes, and other documents shared on the lending platform can be efficiently managed with integrity and sustainability by utilizing this feature.
Credit Score
The credit score is a significant feature when it comes to lending platform development. The crypto community can design the terms and conditions to set the credit score of borrowers & lenders in the platform.
Wallet of choice
The trading peers can store and perform transactions with their online wallet application offered by the platform so that they need not rely on third-party applications.
Automated Processes
The lending platform can be automated with auto-renewal of loans based on specified conditions. Also, the borrowers can be laid with automated equated monthly payments(EMI) for the specified time frame.
P2P Transaction
In crypto lending transactions, the smart contracts execute the deal based on the pre-defined conditions. Hence, there are no intermediary interventions and disputes in this platform.
AML Verification
The crypto lending platforms are customized with an automated KYC verification process based on the regulations of the geolocation.
Feedback
The feedback feature prompts users to leave their comments on the lending platform experience.
In addition to these functionalities, we take security measures as a priority in crypto businesses. Hence, here is the list of integrated security features that can be added to the crypto lending platform!
Security features to be added to the platform
Let’s just look into the quick shots of security features in the crypto lending platform!
· Escrow Service
· DDoS Protection
· Data Encryption
· CSRF Protection
· SSRF Protection
You can include these security features to make your cryptocurrency lending platform development more sustainable and safer for the community audience!
Stay tuned to explore opportunities in the crypto space!