MoneyToken announces that, from today, the fixed price of IMTs on the MoneyToken platform will be $0.05 for loan interest rate repayment and token purchasing calculations.
During the token sale, IMTs were offered at a price of $0.005, a 10x lower price; as of today, the token price increases to $0.05;
- When using IMT to obtain discounts on interest payments
- When buying zero interest-rate membership plans
All IMT tokens spent on membership will be burned; all tokens which are spent to obtain discounts will be recirculated for sale from the platform at the retail sale price of $0.05.
How the discount feature works
If you are not part of any membership plan, when you take out a loan, at the end of the loan period you will need to repay the total amount borrowed plus interest.
If you are holding IMT tokens, then at the end of the loan period, you will be able to use your IMTs to get a 60% discount on the interest.
You will then need to pay back the amount borrowed, plus the discounted interest amount, and make an additional payment in IMT tokens of 50% of the discount amount to the platform.
What does that mean?
Let’s take an example to demonstrate how it works:
- Joe comes to the MoneyToken platform and deposits his BTC collateral and takes out a $100,000 loan
- The total interest that Joe needs to repay along with the loan is $10,000, based on the period he took the loan out for
- By using his IMT, Joe is able to reduce that repayment interest amount by 60%; this means he will only need to pay back $4,000 in interest
- Joe will also need to pay an additional 60,000 IMT ($3,000 equivalent) to the platform to unlock his discount
At the platform retail price of $0.05, 60,000 IMT would be $3,000, if Joe was buying them today. However, if Joe had bought those IMTs during the Token Sale, when IMTs where offered at $0.005, the same number of IMTs would have cost only $300.
So Joe could pay off $3,000 of the discounted interest on his loan with IMTs that he bought for just $300.
How does MoneyToken membership work?
If you have IMT tokens you can buy a membership plan for interest free loans; during the valid membership period you will be able to take out loans for free, without paying any interest rates or fees.
The cost of a membership plan is several times lower than the rate for loan repayments; users who bought memberships in the last membership sale saved a total of $1,567,359.
The last membership sale finished in August (with 2,000 memberships up for sale) and as a result 1.5% of the circulation supply of IMT’s were burned from membership purchases.
Do I need to buy a membership plan to use MoneyToken?
No, you don’t have to pay for membership to use the platform; you can use the platform without any membership. Of course, you won’t get the benefit of interest free loans; but you still have the opportunity to gain a 60% discount on interest using your IMT tokens, when it comes to repaying your loan, as described above.
Why are you offering membership plans then?
MoneyToken is a different kind of lender. We are providing not only loans based on a collateral asset that the mainstream financial industry doesn’t offer, but we are leading the wave of a new way of lending. Our membership plans are designed to generate interest in this new way of working, to give something back to our community and supporters, and to give everyone the opportunity to try out crypto-backed loans and see how they work.
We invite all IMT holders to MoneyToken; come and find out how our platform is changing the face of financial services.
The retail sale price of IMT can be changed and increased in the future.
MoneyToken reserves the right to change the utility mechanisms of IMT in the future.
The list of options for which the platform accepts IMT at $0.05 rate may alter in the future as new platform features become available.
Membership plans and other features may be time limited offers; the MoneyToken team reserves the right to change any terms or conditions or end any offers at any time in the future.