The advent of cryptocurrency backed loans will have profound ramifications on the crypto markets. Although several exchanges and credit companies have tried to enter the space, none of them have achieved market dominance.
The idea for cryptocurrency backed loans has existed for a while. Many ICOs have successfully raised money for the idea, and currently, there are several dubious companies operating in the space. Additionally, there are also a number of smart contracts that allow for decentralized lending on the Ethereum blockchain.