If you ever find yourself in a bind and in need of quick cash, MoneyToken can help you meet your financial obligations without jeopardizing your cryptocurrency holdings.
Built on the Ethereum network, MoneyToken is a decentralized financial ecosystem powered by the MoneyToken (IMT) cryptocurrency. The MoneyToken (IMT) is a token that protects your cryptocurrency assets and enables you to earn interest while reducing the risks associated with using the lending platform.
Here are the details.
How MoneyToken (IMT) Platform Works
It’s been obvious for a while now that those purchasing low need to hold on to their investments until prices increase. This has been the most significant challenge the crypto sector has faced due to the market’s inherent volatility. Here is where the MoneyToken platform comes into play.
MoneyToken is a service powered by MoneyToken (IMT) cryptocurrency that allows you to quickly and simply convert your crypto holdings into fiat currency based on their current market value.
Borrowers put up more volatile assets like Bitcoin (BTC) or Ethereum (ETH) as collateral against cryptocurrency loans, and in return, lenders provide the agreed-upon loan sum in a more stable currency. You’ll receive the exact same amount of collateral once the loan has expired, regardless of how much its value may have increased during that time.
Through the MoneyToken platform, you can put your cryptocurrency to work as a lender, allowing you to earn a consistent interest rate on the assets you lend on the platform. These funds will be backed up by the collateral of borrowers as well as the reserve fund that the platform maintains.
What Is MoneyToken (IMT) Used For?
The Initial MoneyToken, or simply IMT, is the primary utility token of the MoneyToken platform. It serves a number of important purposes within the MoneyToken ecosystem, including the following:
- If you borrow up to $10,000 USDT (or its BTC/ETH equivalent), you can earn a reduction on your interest for paying it back using IMT.
- You can invest in IMT to get a higher interest rate on MoneyToken loans.
- If you decide to participate in a partnership program and are willing to pay the costs connected with doing so, you can be eligible for some extremely attractive discounts.
One of the most appealing uses of the IMT tokens is that they grant users a 0% membership. Namely, all IMT token holders have access to an incredible opportunity in the form of 0% memberships, making it possible for them to take out loans with no interest rate.
All of the IMT tokens that were used to acquire memberships on the MoneyToken platform are burned after the sale, which has the effect of lowering the total amount of IMTs that are currently in circulation. The MoneyToken platform routinely runs membership sales about once in one to two months.
Where to Buy MoneyToken (IMT)?
At the moment, Mercatox is the most prominent exchange where you can purchase IMT tokens. Expect to go through a 2-step procedure if you don’t have any cryptocurrency on hand to cover the transaction cost.
To purchase MoneyToken (IMT) using fiat currency, you must first purchase some Bitcoin (BTC) or Ethereum (ETH) from a cryptocurrency exchange that allows debit card or bank account deposit. Following that, you will be required to send your newly acquired cryptocurrencies to a market that trades IMT for BTC or ETH to complete the transaction.
How Long Has MoneyToken (IMT) Been Around?
The MoneyToken lending platform and its native IMT token were introduced to the industry in the first quarter of 2018. To be more exact, the project initiated an airdrop that distributed a total of 100,000,000 IMT tokens between April 13 and June 7, 2018.
What’s Controversial About MoneyToken (IMT)?
This cryptocurrency project has not been involved in any controversy up to this point.
How Many MoneyTokens Are There?
The MoneyToken (IMT) currently has 11,369,423,186 tokens that are actively in circulation, while the maximum supply is unavailable.
Can IMT Be Mined?
IMT tokens are mineable. However, the whitepaper for the platform states that it is against the rules to mine any more IMT tokens than the total number of tokens that are in circulation at any given time, which is regarded as the maximum supply.
Market Cap and Price History of MoneyToken (IMT)
MoneyToken’s current market cap amounts to approximately $1,608,608 USD, making CoinMarketCap rank MoneyToken #1334 among all cryptocurrencies. Recently, the market price for one MoneyToken has been hovering around $0.000141 USD, while the 24-hour trading volume is currently unavailable.
Biggest Competitors of MoneyToken (IMT)
Compared to traditional bank loans, getting a cryptocurrency loan is the least complicated and time-consuming option. Compared to bank loans, the interest rates on crypto-backed loans and crypto loans accumulate relatively low on some of the leading crypto-lending sites.
It is hardly surprising, however, that the IMT token faces stiff competition on the market. More specifically, there are many cryptocurrency lending platforms that could be regarded as rivals of the MoneyToken (IMT), such as CoinRabbit, Celsius, YouHodler, BlockFi, and Nexo, to name a few.
What Does the MoneyToken (IMT) Project Road Map Look Like?
The MoneyToken roadmap covers the years 2017 through 2019 inclusively. Throughout this period, the project’s developers have successfully carried out all of the intended steps in the development plans for the project.
During this time period, the programmers were successful in a number of important endeavors, the most significant of which was the development of an artificial intelligence agent who was given the name Amanda.
Before the formal launch of the platform, Amanda performed the automated loan operations to demonstrate the system’s functionality. Additionally, a very secure transaction system heavily reinforces the degree of security of transactions that use crypto. This type of system is known as a peer-to-peer (P2P) network, which refers to a payment platform that does not include any middlemen.
Pros and Cons of MoneyToken (IMT)
Pros
- Foreign transactions that are highly advantageous from a financial standpoint;
- Peer-to-peer (P2P) investments;
- Low fees.
Cons
- The IMT tokens do not constitute a security or investment, as stated in the MoneyToken platform’s whitepaper;
- Not many applications;
- Limited IMT supply.