Having raised $17 million in its initial coin offering, Lithuanian FinTech, Debitum Network, is officially launching its platform, which connects global investors with small businesses seeking short-term loans, in September.
The company is now at work on version 2.0 of the platform, that includes the Ethereum-based DEB crypto token, and is planning roll-out out in 15 countries by 2019. Debitum Network Co-founder Martins Liberts says: “Debitum is about allowing small business owners and entrepreneurs to be in charge of their future. We’ve done it in around six months, and we’ve done a lot of testing. We have trust in our product, and we’ll be joining the ranks of those few ICO projects that have already delivered a real product.”
Lithuanian Vice Minister of Economy Elijus Čivilis, comments: “We had a goal to grow the startup economy, and companies like Debitum have global ambitions. Debitum Network is offering what we were really lacking in the market. Somewhere you can quickly get financing or access to capital to run your business.”
Mistertango
Another Lithuanian FinTech making crypto waves is Mistertango. Despite an exchange sector-wide need and desire for a consensus on regulation, we won’t see it just yet, its Chief Business Development Officer, Gabrielius Bilkštys, recently told Coin Rivet.
He noted that, although it’s growing at an incredible rate, cryptocurrency is still misunderstood, and each country has a different approach to governance. For example, in Estonia, crypto exchanges require licences while, in Lithuania, the central bank requires the segregation of financial services and crypto services.
“As central banks across the world become increasingly concerned with crypto activity, we’re likely to see even further variation and a number of new models springing up over time as understanding of the industry continues to build and develop,” he said.
“There is likely to be a lot of testing the water over the next few years, as regulatory bodies experiment with what may or may not prove successful. Take South Korea, for example, where the Korean National Assembly has issued a proposal to lift the ICO ban which it only introduced in September last year.”
Big issues
Elsewhere, Bilkštys talked about how has been interested in cryptocurrency since its inception, tracking its ascension from a nascent industry to one that’s approaching maturity. But, he added, some of the biggest issues still need to be overcome.
“While the market has grown exponentially, major scandals have brought the sector’s credibility into question. It is seen by many – unfairly – as the sole preserve of criminals, with legitimate businesses that rely on crypto struggling to make their voices heard. This fear and uncertainty has led to the introduction of legislation that aims to stamp out criminality, even if this comes at the cost of strangling the market,” he said.
“Banks across the world are refusing to handle cryptocurrency-related transactions. This leaves legitimate crypto businesses – exchanges and ICO companies – unable to function, allowing other less legitimate players to fill the void. Mistertango stood out to me as the only company truly making headway in solving the biggest hurdle facing the crypto industry right now.”
It’s the first business to allow individuals and businesses to simply, quickly and securely facilitate and fund cryptocurrency activities using fiat currency, he claimed. “There’s no other company offering crypto-focused businesses a bridge between the crypto and traditional worlds. For many crypto traders and crypto-related businesses, such as exchanges and ICO companies, a regulated current account is something that has so far been out of their reach.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.