January 31st, 2018

Agrello and blockhive established a new company called Tokenote to offer ILP (Initial Loan Procurement) platform for businesses and government entities around the world. ILP structure was jointly developed by law firm Oblicity and blockhive and it is a unique fundraising method, using a loan agreement structure, enabling companies to procure loans to expand its ecosystem.

Agrello supports the project on the technology side with a digital identity and signature solution. To sign a loan agreement, the creditor is required to perform KYC procedure to verify their identity — this is done by creating an Agrello ID. ILP structure is based on cryptocurrencies, the creditors lend crypto to the company using ILP structure and receive Future Loan Access Tokens (FLAT), which are a form of “access tokens”, so creditors can transfer their loan agreements to others. Tokens will be issued to the creditors who lend funds to the company. Each company using Tokenote ILP structure can brand their tokens as they wish.

blockhive is carrying out the first ILP, which started on the 26th of January and is still ongoing. This is also the first use case for Agrello ID together with Veriff. You can find out more about it here: https://blockhive.ee/ilp blockhive is a platform for projects that could benefit from blockchain technology. Behind the company is a team of programmers, engineers, designers, mining experts, and financial specialists.

Agrello and blockhive both share a goal to make technology work for people. Both are eager to see how Tokenote ILP project will develop from here on.

For all the newcomers to this topic, here you can find a good introduction to ILP: https://www.youtube.com/watch?v=owcwIWdaIdE