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Othera, an Australian startup providing lending, exchange and analysis platforms, announced it has completed the prototypes of its Blockchain Lending Platform and Digital Asset Trading Exchange platforms and started testing them.
The Blockchain Lending Platform is built on the Ethereum platform. It will use smart contracts to allow investors, lenders and corporations to segment and to price asset backed securities.
The Digital Asset Exchange would be used as a trading platform enabling the transparent transaction of digital asset backed tokens.
The lending platform is based on the concept that after the global financial crisis the retail investors are far more cautious and seek transparency and less risk. “Investors nowadays, especially retail investors really think twice before they put their superannuation and hard earned savings into complex investment products that they don’t understand”, notes John Pellew, CEO of Othera.
The new blockchain-based lending platform creates a new class of asset token that enables lending to be done sustainably and transparently. It will work alongside the digital exchange platform. When the two linked solutions are used together, will enable loan originators and investors the ability to directly connect and transact debt or asset backed securities with more investment transparency, lower risk and for known fixed returns.
The transaction history would be freely available for all users, in real time, at any time, thanks to the smart contracts executed on the Ethereum blockchain, which holds a record of every transaction that cannot be manipulated.
An enterprise version of the lending platform is expected to be available to finance providers and institutional investors within the next 12 months across Australia, the UK and US. Both solutions are currently in a proof of concept stage and have a pending global patent.
The fintech startup Othera was established in Sydney in 2015. So far it has two working solutions: an automated credit decisioning service and a credit calculator using a business’ own accounting data.