CoinLoan
Crypto Overview
Purpose and Utility
CoinLoan (CLT) is a token associated with the CoinLoan platform, which operates as a lending and borrowing platform for cryptocurrencies and fiat currencies. The CLT token serves as a utility token within the CoinLoan ecosystem, providing holders with benefits such as reduced fees and improved loan terms.
Business Model Analysis
The core business model revolves around cryptocurrency-backed loans and interest-bearing accounts. Users can deposit cryptocurrencies to earn interest or use them as collateral for loans. This model fundamentally relies on interest-based lending and borrowing, which is a form of riba.
Real-World Adoption
The platform has seen adoption primarily for its lending and interest-earning services. The CLT token itself is mainly used within the platform's ecosystem to access preferential rates and reduced fees on these lending services.
Platform Development
The project maintains an active development team and regularly updates its platform. However, all development efforts are focused on enhancing and expanding the interest-based lending services.
Token Distribution and Governance
While the token distribution appears relatively balanced, the primary utility of the token is to facilitate and incentivize participation in interest-based lending activities.
Crypto Impact
To assign a comfort level investing in CoinLoan from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to CoinLoan.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.