Defi Kings launches crypto lending service and provides loans through its first sister token
Lending in the crypto space is an indispensable service. Defi Kings is expanding its portfolio of services to meet demand from people who need to borrow.
USA, August 27, 2022 /EINPresswire.com/ — Defi Kings ($DFK) is a utility-based cryptocurrency running on the Binance Smart Chain. Registered as a legitimate company in the United States, its main mission is to create products and services across multiple business units that generate profits to share with its token holders. With several already running and more in development, they announced the latest, Defi Kings Lending.
Defi Kings Lending ($DKL) is the first public service in their ecosystem to launch as a secondary token. The service aims to capitalize on the high demand for loans in the crypto space. A borrower can complete a simple online application to apply for a loan. There is no credit check or personal information of any kind required to obtain a loan. All the borrower needs is sufficient collateral to secure the loan. Once the application has been submitted, a loan officer will validate the merits of the guarantee offered and will create a personalized loan offer that the borrower can accept or refuse.
Loans will be made for any legal reason the borrower needs the funds, but Defi Kings Lending specifically targets their marketing to those who wish to embark on other projects without selling their current assets. Defi Kings co-owner Chris Hughes said, “With the launch of new projects or updates to existing projects, opportunities arise every day for crypto traders with the potential to generate quick gains. For traders short on funds or short on time to exchange fiat for the crypto required to trade, we see them selling assets that they would not otherwise sell, for these opportunities. Defi Kings Lending will give them a way to take advantage of potential profits from new sources without sacrificing their other assets.
Defi Kings Lending ($DKL) plans to launch their token around the end of September 2022. They will have a whitelisted presale on Pinksale which they expect to sell out within minutes. They anticipate an initial market capitalization of just $40-45,000, which will help with buying pressure for the pre-sale and public launch, allowing for significant upside potential for those who get in early.
Hughes explains, “Defi Kings has established itself as a solid company in the cryptocurrency space that has already eclipsed a million dollar market cap and launched multiple utilities, all in a bear market. With these accomplishments and our legitimacy as a registered business that we can safely partner with, we believe $DKL will follow quickly. On top of that, our loaner utility is much needed and will be fully operational before launch. Eclipsing a $1 million market cap with $DKL in the early days doesn’t seem unreasonable to me.
Defi Kings Lending ($DKL) will begin accepting loan applications on September 1, 2022, with approvals and funding in as little as 24 hours from receipt of application. All loans will initially be offered for 90 days with fixed fees based on the amount of the loan and the collateral used. Holders of $DKL and/or $DFK will receive a 25% fee reduction if they use either token as collateral. However, not all loan applications will be approved. A loan officer will review the collateral to determine if it meets their internal requirements. If so, a loan offer will be made with terms of 25-50% LTV depending on collateral rating. The loan to value ratio is designed to reduce risk to the project given the volatile nature of cryptocurrency in general.
Profits from the service will be distributed in the same way Defi Kings distributes profits from their other services, with 50% distributed to Defi Kings holders ($DFK), 20% to Defi Kings Lending holders ($DKL) and 30% cash from borrowings. There will also be bets available to $DKL holders that will guarantee a minimum of 100-200% APY depending on the stake pool the holder chooses to enter.
Defi Kings is owned by two US-based individuals with long careers in business and marketing. They operate DFK as a business that is much more than a token, but rather with the goal of building a revenue-generating business with real-world products and services. Several of the planned releases will bridge the gap between crypto and traditional business. Both owners have been verified by a third party and are doxed. The $DFK contract has been audited and the $DKL contract will be audited before the presale.
The $DKL token itself has low taxes designed to encourage trade. It also has a redeem and burn feature to help reduce supply over time. For more details about the lending service, the $DKL token or their whole project, visit their website and join them Telegram band.