IEGH Exploring Creation of Gold Metal-backed Cryptocurrency
- Negotiations underway to purchase a verified gold project with prospecting licenses
- IEGH’s cryptocurrency to be backed by gold metal, registered with SEC as a security
- Volatility of cryptocurrency could potentially be stabilized with precious metal backing
Consumer loan provider IEG Holdings Corp. (OTCQB: IEGH
), through wholly owned subsidiary Investment Evolution Crypto, LLC. (“Crypto”), recently announced its intention to create its own gold metal-backed cryptocurrency that could potentially be utilized when offering loans and accepting loan repayments. While Crypto is in the development planning stages and exploring the opportunities presented by crypto/blockchain technologies, the company is already negotiating to purchase a bona fide gold project with established gold metal in the ground and prospecting licenses on record.
In a news release announcing the company’s venture (http://nnw.fm/y3TXj
), Paul Mathieson, IEG Holdings chairman and CEO, said, “We believe potentially combining the exciting new blockchain technology with the hard asset of gold metal, expected SEC registration, a leading sophisticated online consumer finance system and individual US state lending licenses is a very exciting proposition… In addition, we believe the future leaders of the crypto/blockchain sector will be companies that are materially compliant with all the existing and future related US government legislation. We aim for IEGH to leverage off its existing fintech business credentials, specifically its extensive experience in online consumer loans, to potentially be a key player in the crypto/blockchain sector.”
This attention to detail and meeting regulatory necessities is the backbone of IEGH’s success as a publicly traded, global leader in consumer finance (http://nnw.fm/08dOt
). The company provides small online personal loans of $5,000 to $10,000 in the United States via a state-licensed operating subsidiary, Investment Evolution Corporation, under the consumer brand ‘Mr. Amazing Loans’.
The company originates, processes, and services consumer loans from its centralized Las Vegas headquarters. Loans are offered in 20 states via its online platform and distribution network. IEGH is a licensed direct lender with state licenses and/or certificates of authority to lend in each state and offers all loans within the prevailing statutory rates. The difference for consumers seeking a personal loan under Mr. Amazing Loans’ terms is the ability to repay the loan with low, fixed repayment schedules that fit into their lifestyle and budget. Since inception, the company has provided over $16 million in consumer loans – a cumulative loan volume increase of 192 percent from January 2015 to the end of 2017 (http://nnw.fm/N1DtP
The coming year includes some exciting business opportunities for IEG Holdings, its subsidiaries and investors. Exploration of the legalities, economic risks and benefits of accepting repayment of customer loans in the form of leading crypto/blockchain currencies such as bitcoin, and also possibly creating and issuing a precious metal-backed cryptocurrency, are seen as prime targets for 2018.
For more information, visit the company’s website at www.InvestmentEvolution.com