For those members of our community seeking an update on Lendo’s operational road map, please find below our updated schedule at the end of this article.
As a precursor to reviewing the road map, we would like you to take note that it has taken us longer than expected to put everything in place because our plans have become further reaching and more ‘global’ as the product launch has evolved.
By way of example, the team has had to co-ordinate the process of setting up the debit card programme with multiple card issuers and processors, as no single card issuer or processor has a worldwide licence. We also had to complete the due diligence and compliance process for multiple providers, which again took longer than anticipated.
In order to ensure physical delivery of the debt cards, we have had to deal with several different card printers around the world, then agree contracts with at least three fulfilment and delivery service providers. Making sure these companies are reliable is vital, as we want to ensure that everyone who has signed up for a card receives it at the right address and within an acceptable timeframe.
But we’re nearly there, we’re delighted to say, and now feel confident we can meet the launch dates in the road map below whilst being fully compliant with all the regulatory requirements necessary in a ‘borderless’ lending environment.
How will the set up of the card and lending operations affect the value of ELT?
The great news is that many of the fees such as admin fees to set up loan accounts, can be paid in ELT. Upgrades to the premium card or express delivery of your physical card, can also be paid in ELT (either fully or partially depending on the specific product) so this will be the first of many uses which will boost the value of your tokens. More details on the fee structures and payment terms will be released shortly.
If you haven’t applied for a card yet, now is the time to do it — sign up at lendo.io
The updated 2019 road map
15th May — ELT will be accepted as partial payment for an exciting bond product being issued by a fully licenced and FCA regulated company based in the UK. This will be the first of many financial products made available to our community through regulated entities where ELT will be accepted as payment.
15th June — Virtual cards will be available to all our subscribers who qualify (subject to KYC checks and regional restrictions which may affect certain countries).
1st July — Physical cards will be available and can be delivered to most but not all parts of the world.
15th July — Crypto loans will be available to KYC whitelisted customers who deposit Bitcoin (and other approved crypto currencies) in our custodian account as collateral.
September 15th — A major commercial partnership with a listed ‘fintech institution’ is expected. We have agreed heads of terms with a major player in the fintech and crypto industry which will be automatically executed once key road map milestones are reached.
We hope you will continue to support us on this exciting journey and we look forward to delivering each phase of the operational road map as per the schedule above.