AQRU plc - Launch of BlockLender
RNS Number : 9464D
AQRU plc
25 October 2022
 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Press Release

 

25 October 2022

 

 

AQRU PLC

 

("AQRU" or "the Company")

 

Launch of BlockLender

 

AQRU plc (AQSE: AQRU), an incubator specialising in opportunities in decentralised finance ("DeFi"), is pleased to announce that it is launching a start-up offering cryptocurrency-collateralised lending services under the brand "BlockLender".

 

BlockLender will offer digital asset-holders the opportunity to use their cryptocurrency as collateral to access instant loans, with a minimum starting value of USD$100.

Unlike other companies in the sector that fund crypto-collateralised loans by raising deposits, BlockLender places the collateralised digital assets into smart contracts with well-established DeFi protocols, such as Aave, Compound and Maker. This in turn acts as collateral for funding for the underlying loan, enabling BlockLender to offer an interest rate to customers that is amongst the most attractive in the market for a comparable loan. This funding mechanism also means that BlockLender does not take excessive risks with customers' collateral in order to keep returns high, thus mitigating one of the main risk factors in the crypto lending market.

BlockLender is a standalone business and will be seeking to raise funds externally in the private market. BlockLender has an impressive senior leadership team made up of cryptocurrency and fintech experts. Philip Blows, Chief Executive Officer of AQRU, will serve as Managing Director of BlockLender.

BlockLender has been created as part of AQRU's efforts to offer investors access to a wider range of services in the digital assets sectors. Through the launch of BlockLender, the Company aims to meet demand for a sustainable and transparent alternative to many existing crypto loan providers that use customers' deposits to fund other loans, invest their collateral in DeFi protocols with high levels of risk, and do not provide clear information on how customers' assets are being managed.

 

BlockLender is being launched to a global audience, with certain regulatory exclusions. No services will be offered in any territory where it would be unlawful to do so.

 

Philip Blows, Chief Executive of AQRU and Managing Director of BlockLender, commented: "While crypto-backed loans enable customers to use their digital assets to make real-life purchases, many providers have taken on excessive levels of risk with people's assets, without their customers knowing. With the launch of BlockLender, AQRU is bringing much-needed transparency to the evolving digital asset lending market. BlockLender's crypto-collateralised loans not only provide customers with attractive interest rates, but also offer transparent information on how investors' assets are being managed. With an accomplished team of industry professionals, BlockLender is very well-positioned to capitalise from the vast opportunities in cryptocurrency lending."

 

The Directors of AQRU plc take responsibility for this announcement.

 

For further information, please contact:

 

AQRU


Philip Blows

Chief Executive

via Tancredi +44 207 887 7633

Tennyson Securities

 

Corporate Broker

Peter Krens

 

+44 207 186 9030

First Sentinel

 

AQSE Corporate Adviser

Brian Stockbridge

+44 203 989 2200

 

Tancredi Intelligent Communication

Media Relations


Gabriela Amaya Garcia

Charlie Hobbs

AQRU@tancredigroup.com

+44 7915 035 294

+44 7897 557 112

 

About AQRU plc:

AQRU is an incubator specialising in opportunities in decentralised finance (DeFi), a disruptive technology using blockchain and cryptocurrencies to remove financial intermediaries from transactions, creating a cheaper, more efficient and more secure way of providing financial services. Listed on the Aquis Exchange in London, we apply our expertise to the business operations and strategic plans of FinTech companies in the UK, USA and Canada, and act as an accelerator for start-ups and early-stage companies. www.aqruplc.com

 

Notes:

This document contains forward-looking statements which are subject to known and unknown risks and uncertainties because they relate to future events, many of which are beyond the Company's control. These forward-looking statements include, without limitation, statements in relation to the Company's financial outlook and future performance. No assurance can be given that future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Company.

 

You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement. The Company undertakes no obligation to update or revise any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances. Nothing in this document is or should be relied upon as a warranty, promise or representation, express or implied, as to the future performance of the Company or its businesses.

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