Lend2Fund’s blockchain tech selected for Citi Mobile Challenge
23rd November 2015
Level39 member Lend2Fund, who specialise in commercial property lending, has been selected as a finalist in the Citi APAC Mobile Challenge.
Lend2Fund demonstrated its Midasium ‘Smart Tenancy Contracts’ platform which is built upon Blockchain technology. In simpler terms – the system creates a bridge between a bank’s core-banking system to take advantage of blockchain technology.
Founder Mike Smolenski sees the Midasium smart contract as a self-contained and safe intra-bank solution. A contrast to traditional players who are currently exploring securities trading and settlement at this stage of the blockchain’s development.
The Lend2Fund team has created Smart Tenancy Contracts for ease of implementation, reaping immediate benefits for clients.
Smolenski stated: “There is a multi-year, learning process that is required to achieve a bank wide and inter-bank blockchain implementation. Midasium represents an on-ramp to begin that learning curve, and presents a realistic path to move up the chain of sophistication.”
The Smart Tenancy Contract was chosen as a finalist based on its uniqueness, innovation, scalability and business potential to improve the customer experience for Citi consumers and corporate customers.
As a finalist, Lend2Fund will now have access to the Citi Alumni network and have the opportunity to explore a commercial relationship with Citi and leading FinTech companies and sponsors.
The winners of the challenge will be announced on December 15, 2015. Stay tuned!