Is crypto-pawning the way of the future?

You can’t convince someone who is an avid crypto coin buyer to sell some of it because an unexpected bill came thru the mail which needs to be cleared by the end of the month and no other sources of income are on their way in anytime soon.

 

So what can you do in order to find another way in getting money without losing your precious coins? Here is the answer to your prayers. An online service known as Crypto Pawn, the world’s first pawn store for cryptocurrency, runs fully decentralized and uses smart contracts technology based on the ethereum blockchain. This will become a new way to get loans immediately skipping the old methods of pawnbroking.

 

Here’s how this works;

 

Let’s say you need cash right away for some urgent payment that you absolutely cannot avoid. After contacting a broker at Crypto Pawn, the online instructor will fix an interest rate for your deposit. Once the exchange agreement has been reached, you will have to send the agreed amount of coins to a specialized wallet controlled by the virtual pawnbroker. Afterwards, you can decide if you want to receive your funds by bank, in cash or even other cryptocurrency.

 

The interest rate is added daily and there is no need to set a run time ahead or go through long verification stages before getting what you want. The turnaround time is about 2 hours during business days. This is a huge advantage considering how the digital currency market is known for their slow completion rate on transactions. Now you can pay that last written notice or overdue bill in time and keep your bitcoins, for example. 

 

This project is still conceptual at the moment with a giant plus of not having any competitor for the moment. Customers can pawn their coins for liquidity with a few mouse clicks.

Two crypto lovers, Dario Mannhart and Vanessa Gabler, became partners to fulfill their innovation in becoming the world ́s first decentralized pawn store. Both are graduates from the University of Zurich and have registered Crypto Pawn AG as a stock company in Switzerland.