Cryptocurrency Lending Platform for Individuals

The second time we got to work with Lendingblock, we took care of the end-to-end design and development of the crypto lending and borrowing platform for individuals. To offer the best experience, we rebuilt the whole product from scratch.

Industry

FinTech & Crypto

Technology

Python, Django, Celery, PostgreSQL, AWS, Terraform, Kubernetes, Docker, React, Node.js

Project duration

May 2021 – ongoing

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Background

Lendingblock enables institutions to lend and borrow stablecoins with cryptocurrencies as collateral.

Currently, more and more individuals benefit from the world of DeFi, with products and services which are unavailable in traditional banks.

Founded in 2017, Lendingblock combines borrowing and lending, as well as trading and custody under one roof.

In October 2021, Lendingblock broadened its offering to not only serve institutions, but individuals as well. This way, all market segments can benefit from transparent and trustworthy crypto financial services.

LendingBlock Case Study

Highlights

Team

5 team members + 2 supporting developers

Project Duration

Project duration: May 2021 – ongoing

Cryptocurrencies

4 supported cryptocurrencies

ERC

LND utility token (ERC-20) for platform users

Challenge

Simple Interface Design

Lendingblock has been initially built for professionals who require an advanced set of tools. Releasing it to individuals required a simpler, more intuitive way of interacting with the platform. We could revamp the whole experience only by designing it from scratch.

Building a custom exchange

Lendingblock for individuals had to come with an exchange to trade USDT and LND, the platform's native ERC-20 token. We had to ensure that the whole trading experience is flawless–it works in real-time, has all the necessary features such as market and limit orders, and a matching engine to run the trades.

Security

Any financial service should be ultimately secure, and it is even more critical for individuals as they have less security training. We enabled them to log in using Google Authenticator tokens, 2-factor authentication, as well as added a feature to send assets only to white-listed accounts.

LendingBlock Case Study

Solution

Lendingblock is an established platform that serves institutions stablecoind lending and borrowing using Bitcoin and Ethereum as collateral.

Lendingblock for individuals offers similar core functionality, but the platform has been built from scratch to suit a wide range of users and their needs. The platform is fast, secure, and works in real-time, but most importantly, it has been designed by our team end-to-end to offer the best possible experience for all users.

Additionally, Lendingblock has been enriched with a 100% custom-built exchange for the LND/USDT trading pair. This way, all users can easily add LND to their portfolio and benefit from the preferred rates at certain LND balance levels.

LendingBlock Case Study

How it works

Lendingblock platform consists of two types of users: lenders and borrowers, regardless of whether users are retail or institutional in nature.

1. Both groups are subject to KYC and AML verification in order to provide the highest security level of services and to become compliant with national regulations.

2. Lenders and borrowers are matched in a simple, safe and transparent way thanks to blockchain. Individual smart contracts are issued for each loan, protecting both party’s rights.

3. Lenders are able to capitalize on interest income from their asset portfolio and will be supported by full collateralization alongside smart contract-executed lending terms.

4. Borrowers access the previously-outlined benefits of asset lending within the cryptocurrency market, but are able to lend assets via the platform that offers transparent pricing and fee structure based on market supply and demand.

Key features

Dashboard

Dashboard

Our team designed a completely new UX and UI to enable both individuals and institutions make informed decisions based on the desired level of detail.

Cryptocurrencies

Stablecoin borrowing

Users can borrow USDT stablecoin instantly using crypto investment as collateral (BTC and ETH), without sacrificing the growth in their digital asset portfolio.

Piggy Bank

Interest earning

Users can earn interest safely and securely on their BTC, ETH, and stablecoin deposits.

Tiered Interest Rates

Tiered interest rates

Users can achieve a Bronze, Silver, or Gold tier status and receive benefits through LND stablecoin staking in their wallets. The higher their status tier is, the higher the interest rate they’ll get.

KYC

Basic and advanced KYC

The platform is protected against fraud through KYC for higher amounts withdrawals. All platform users have to go through the KYC process.

Integrations

Integrations

We've used reputable 3rd party integrations for certain features. The KYC is done through Persona, token prices are available through Chainlink, and the platform is synchronised with CoinMarketCap.

Cryptocurrencies

LND/USDT Exchange

Users are able to trade LND/USDT pairs through an exchange built purposefully for Lendingblock.

Used technology

The tech stack:

LendingBlock Case Study
Steve Swain
Lendingblock Logo

“Developed the best in class digital lending platform”

Lendingblock partnered with Ulam Labs to develop a best in class digital asset lending platform. We have been impressed by their professional approach to all tasks and their extensive knowledge of the blockchain amongst the team. Through the hard work of Konrad and his team of developers, we're confident that we're providing our institutional clients with a safe and reliable lending experience.

Steve Swain

CEO of Lendingblock

And that's all...

Now, it’s your turn! Are you excited to start the process and learn more about your journey with Ulam Labs? Don’t hesitate to contact us with your questions.
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