The Hive Project Reveals Cryptocurrency-based Invoice Financing Platform

The Hive Project Reveals Cryptocurrency-based Invoice Financing Platform
03.07.2017 08:45 am

The Hive Project Reveals Cryptocurrency-based Invoice Financing Platform

Cryptocurrencies

The Hive Project has announced the development of the first cryptocurrency invoice financing platform focused on providing new liquidity pools for small and medium-sized businesses. 

Powered by the risk-lowering technology offered by blockchain, the Hive Project is an end-to-end platform that will give small and medium size enterprises (SMEs) easy access to short-term financing by turning their accounts receivables into tradable assets.

The Hive Project aims to disrupt the current invoice finance landscape by providing small businesses with access to finance without the need for centralized intermediaries.

Hive (HVN) uses Ethereum blockchain (distributed ledger) and smart contract technology to assign a unique fingerprint to every invoice issued by tokenizing invoices and publishing them on blockchain. This innovation enables businesses to automate their invoicing process, bringing blockchain technology closer to commercialization. 

Ultimately, The Hive Project’s end state will include a full marketplace with advanced trading analytics for peer-to-peer lending. This will rapidly increase the liquidity available to small businesses and create a central database of invoices available for scoring and auditing. In addition to bridging the liquidity gap for small businesses, the technology provided by The Hive Project will help credit checks made on companies and facilitate rapid and real-time auditing.

“We want to help small businesses solve their liquidity issues by leveraging blockchain technology to provide financing options previously only available to large companies,” said Jure Soklic, CEO and co-founder of the Hive Project. “Our platform will dramatically streamline invoice issuance and settlement processes, optimizing small and medium-enterprises’ ability to access liquidity for day-to-day operations and to finance expansion.”  

A (HVN) token grants the token holder the right to purchase invoices on the Hive platform and obtain credit scores for companies which have established a financial track record on the Hive blockchain. Invoices are rapidly uploaded to the Ethereum blockchain by invoice sellers looking for liquidity.

“The Hive Project helps small businesses automate invoicing and payments, delivering the benefits of blockchain innovation to commercial entities previously deprived of ready access to finances,” said Richard Titus, Advisor to Hive Project, Former SVP Samsung Electronics Visual Display, and CEO of Prompt.ly. “Hive Project’s end state, a marketplace with advanced trading analytics for peer-to-peer lending, will rapidly increase the liquidity available to small businesses and expand today’s often mercenary ecosystem of factoring and lending.”

The Hive Project aims to secure initial capital of BTC 2,000 through its token (HVN) crowdsale scheduled for six weeks starting Monday, July 3, 2017. The capital will be used for technical infrastructure development and the creation of the Hive Invoice Financing Fund (HVNX), which will be allocated to financing SMEs through the collateralization of invoices.

Related News

Itiviti and Gemini to offer NYFIX connectivity for cryptocurrency customers

Itiviti, a leading technology and service provider to financial institutions worldwide, today announced that Gemini Trust Company, a next generation cryptocurrency exchange and... Read more »

Cybersecurity enables digitalization of the housing market

The DIAS platform, built by a Finnish technology startup Tomorrow Tech, and audited by cybersecurity company Nixu, enables digitalization of the housing market in... Read more »

Blockchain.com Becomes First Major Crypto Platform to Enable Users to Borrow USD with Crypto

Blockchain.com, the leading provider of cryptocurrency products including the most popular crypto wallet, has launched Borrow, a new product offering for users to borrow USD-... Read more »

Nogle Invests $3m in First Digital Trust

Hong Kong-based digital asset custody firm First Digital Trust has scored a $3 million investment from Taiwanese venture studio Nogle.

Spun out from FS firm Legacy Trust... Read more »

OKCoin Appoints Hong Fang CEO

OKCoin, a leading fiat-focused digital asset exchange with service in 184 countries, announced today that CEO Tim Byun has been appointed as Global Government Relations Officer... Read more »

Lloyd’s launches new cryptocurrency wallet insurance solution for Coincover

Lloyd’s has launched a new insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks.

The first of its kind liability... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel