Longfin Corp. Acquires Ziddu.com, A Blockchain-empowered Global Micro-lending Solutions Provider
NEW YORK, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Longfin Corp. (NASDAQ:LFIN), a leading global FinTech company, announces the acquisition of Ziddu.com, a Blockchain-empowered solutions provider that offers Microfinance Lending against Collateralized Warehouse Receipts in the form of Ziddu Coins.
Ziddu Coin is a smart contract that enables SME's, processors, manufacturers, importers and exporters using cryptocurrencies across continents. Ziddu Coins are loosely pegged to Ethereum and Bitcoin. The importers/exporters convert offered Ziddu coins into Ethereum or Bitcoin and use the proceeds for their working capital needs. At the end of the contract, importers/exporters will realize their proceeds and pay back their funds through cryptocurrencies only. Depending upon the risk profile of the counterparty, the interest will vary from 12% to 48%.
"The advent of Blockchain technology has caught the imagination of the global financial services industry; blockchain is emerging as a technological revolution that is set to disrupt the financial services infrastructure. Cryptocurrencies such as Bitcoin and Ethereum will act as a global financing currency to avail credit against hard currencies of many emerging markets." Says Venkat Meenavalli, Chairman of Longfin Corp.
Ziddu.com is a blockchain-empowered global Micro-lending Solutions Provider. The company provides SEMs with Warehouse financing backed by their commodities in warehouses. Its warehouse financing leverages blockchain technology to finance through Ziddu coins and other cryptocurrencies such as Ethereum and Bitcoin against their collateralized warehouse receipts.
About Longfin Corp.
Longfin ("LFIN") is a US-based, global FinTech company powered by Artificial Intelligence (AI) and Machine Learning. The company, through its wholly-owned subsidiary, Stampede Tradex Pte. Ltd, delivers foreign exchange and finance solutions to importers/exporters and SMEs. Longfin also provides cryptocurrency-based financial service for importers/exporters with Ziddu coins from its blockchain-empowered subsidiary Ziddu.com. Currently, Longfin has operations in London, Singapore, Dubai, New York, Miami and India.