BankSocial Selects Polygon for Peer-to-Peer Lending Sidechain Solution

DALLAS, July 27, 2021 (Newswire.com) - BankSocial™, the first peer-to-peer social consensus lending platform to be secured by the blockchain, has selected Polygon to construct its proprietary sidechain solution. With an enhanced focus on scalability, flexibility, and interoperability, Polygon will enable BankSocial™ to fully develop its staking architecture for BSOCIAL token holders.

BankSocial's™ innovative approach to lending is creating a financial structure where individuals will fund asset-backed loans for other individuals and businesses. BSOCIAL tokens—which can be purchased on a number of centralized cryptocurrency exchanges, Ethereum-based decentralized exchanges, and on the Binance Smart Chain—will be staked by token holders in exchange for proportional distributions of the interest collected from each loan. BankSocial's™ sidechain, powered by Polygon, will be the primary framework and mechanism for staking all BSOCIAL tokens.

John Wingate, CEO of BankSocial™, stated, "As we continue to redefine the future of finance, Polygon further equips us with the tools and ready-made solutions needed to actualize our sidechain solution. In addition to Polygon's innovative technologies, their framework prioritizes ease of use and user experience. This is extremely important to us at BankSocial™ as we change the ways individuals interact with financial institutions. We're excited to be reaching this critical milestone on our Roadmap ahead of schedule and look forward to sharing future updates with our community." 

Sandeep Nailwal, Co-Founder of Polygon, commented "We're thrilled to witness the launch of BankSocial's™ peer-to-peer lending platform on Polygon, bringing an innovative financial structure where individuals can fund asset-backed loans for business and other individuals. Polygon's infrastructure will enable high-speed, low-cost loans and a superior experience for BankSocial™ users."

With lending anticipated to begin in 2022, BankSocial™ continues to bring to life its revolutionary technologies while passively building value for BSOCIAL token holders. Community testing is underway for the official BankSocial wallet application while industry best practices are being incorporated into the soon-to-be-debuted BLOCKSCORE social credit scoring system.

BankSocial™ is a peer-to-peer social consensus lending platform that revolutionizes the way the blockchain is used for lending. For more information about BankSocial™, BSOCIAL tokens, and other BankSocial™ products, visit https://banksocial.io.

Source: BankSocial