GoldMint, a FinTech company registered in Singapore, has connected Moscow-based pawnshop network “MosGorLombard” to its MINT blockchain network.
GoldMint, which is part of the Russian KVP Group holding, has been providing services for the pawnshop business for the purchase and processing of gold, accounting currency and software development for many years. The company’s MINT blockchain network, based on the Proof-of-Stake algorithm, allows pawnshops to solve the issue of their transactions’ non-transparency and attract cheap financing.
The company recently partnered with MosGorLombard to allow anyone to watch the pawnshops activities in real time. All key pawnshop operations, including loan disbursement, refund, default on the loan, will be recorded in the MINT blockchain network. Currently, only the gold jewelry deposits are recorded. Information on loans under pledge by household appliances and other movable property is not preserved in the blockchain.
GoldMint claims that this is the world’s first pawnshops connection to the blockchain. The company’s ultimate goal is to connect pawnshops around the world to its blockchain network.
“We believe that a pawnshop loan shouldn’t be more expensive than a bank loan,” said Dmitry Pluschevskiy, co-founder and CEO of GoldMint. “Thus, the information preservation in the blockchain just increases the operational transparency of pawnshops activity. This will greatly simplify and reduce the cost of attracting funding from large financial institutions and investors who are able to instantly access information such as turnover, average loan, the amount of gold pledged at the pawnshop now. In turn, this will allow pawnshops to reduce the interest rate for the end user.”
All transactions in the MINT blockchain are verified by holders of MNTP tokens. In order to use network, pawnshops pay a commission for transactions, part of these commissions are received by the holders of MNTP tokens for storing data and participating in transaction verification. To get the commission, token holders must launch the master-node of the MINT blockchain – at least 10,000 MINT tokens are needed.
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