This year has been quite tough for crypto markets. Even though the crypto market is not performing well, there are a lot of crypto startups which are entering into the market with their innovative and wonderful products. Australia is the first country to use crypto lending services as a new firm has entered into the market this week.
Helio Lending is the first crypto lending company to release its services in Australia. John O'Shea, the founder and MD of the firm stated that he is very excited to enter the crypto market that has a great growth potential. He said,
“Currently there are only two or three providers globally, and we are excited to offer such an exciting service acting as a direct lender, with a quick seamless process and exceptional customer service.”
Helio assures it will provide 50% more spending power to their clients by holding on their crypto assets. He further said, "These assets may be held overseas or Australia, and we allow the funds to come back to AUS, USD, EUR, and HKD to be used by our clients. We anticipate our clients will reinvest, buy goods and services and even start their own business through unlocking these assets."
The main purpose of crypto lending is that it provides crypto holders to access fiat currencies without selling any of their digital currency. It takes help of blockchain to maintain transaction and settlement data without counterparty risk allowing holders of cryptocurrencies to use them as collateral.
Helio has currently approved some cryptocurrencies which include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and XRP. The firm has made a partnership with ETHlend to direct the crypto wallets and clearing liquidity.
Stani Kulechov, Chief Executive and Founder of ETHlend said, "We are excited by the opportunity to partner with Helio Lending and already have enquires streaming in from the regional Helio opportunity, it will be great to now have a local presence to service our clients."
In last one year, crypto holdings have been raised about 3 times in Australia. This indicates that people in Australian's are positive about the crypto market. Also, this is a great opportunity for startups to expand their business.