JengaX: agreement signed with Lendwill for use of crypto currencies

JengaX(ticker:JENGA) has entered into a cooperation agreement with Lendwill, a peer-to-peer lending platform, to enable Lendwill users to borrow and lend smaller amounts of money using crypto currencies.

The agreement, in the form of a Memorandum of Understanding (MoU), formalizes the work of the companies on creating a new type of Fintech service, where lenders will be able to use the crypto exchange when lending money to each other.

Founded in Norway in 2018, Lendwill has rapidly grown a waiting list of users in 70 countries. The company has an ambition to expand to the EU in 2023, followed by the UK, and later - the US.

“Partnering with Lendwill greatly expands the distribution of JengaX. Our focus on Northern-Europe fits perfectly with Lendwill’s ambitious growth strategy. This partnership will create yet another use case for crypto currencies in multiple markets,” says Jesper Ugland, CEO of JengaX.

Lendwill

is a peer-to-peer lending platform where anyone older than 21 can borrow and lend between NOK 250 and 10,000, all while building a blockchain-verifiable credit history.

“Sometimes, when you’re young, money seems to just slip out of your pockets and before you know, you’re broke. Lendwill was born from a place of financial insecurity, with the goal to give the youth a chance to match with somebody who could lend a hand without ripping you off with an inhumanely high interest rate,” says Anzhelika Osmanova, CEO of Lendwill.

“We are pleased to have secured the services of JengaX. The use of crypto is widespread among Lendwill users. They will appreciate the opportunity to borrow and lend money using crypto,” says Osmanova.

By connecting to JengaX, Lendwill opens up a new segment of lenders on their platform. JengaX makes sure KYC and AML routines on transferred funds meet regulatory requirements.

“This is yet another use case for crypto currencies in a regulated way. By bridging crypto with the traditional financial system, JengaX partners will have customers with increased purchasing power, as well as the ability to attract new user segments into their customer base. We are very excited about this partnership,” says Ugland.