- he BankSocial crypto has caught the attention of Canadian investors as its price has surged by over 1,600 per cent in the last 24 hours.
- BankSocial is a decentralized finance (DeFi) platform.
- BankSocial has introduced thousands of investors to its innovative technology that has the capability of revolutionizing outdated financial services.
Ever since its initial launch in May 2021, BankSocial, a peer-to-peer lending platform built on a blockchain has attracted global users and has a following of more than 10,000 investors.
On Friday, September 17, BankSocial caught the attention of the Canadian investors as its native cryptocurrency BSOCIAL skyrocketed by 1,610.3 per cent in the last 24 hours and it was trading at US$ 0.00001394 per token, at the time of writing.
BankSocial has introduced thousands of investors to its innovative technology that has the capability of revolutionizing outdated financial services. It is a decentralized finance (DeFi) platform that aims to build BLOCKSCORE™, which will serve as a social credit scoring system and it will be securely built through smart contracts and provide asset-backed lending to its users.
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Why is BankSocial crypto surging?
The crypto could have surged due to the announcement by its parent company BlockSocial Technologies Inc. that it has re-launched its Ethereum-based contract as BSL. It will be available for trading on centralized cryptocurrency exchanges and decentralized exchanges as well.
Investors who held BSOCIAL tokens on the Ethereum blockchain were allotted a proportionate number of BSL tokens through an airdrop.
What's next for BankSocial crypto holders?
The BSOCIAL tokens remaining in the users' wallets cannot be traded and are now void of value. In addition, all the cryptocurrency exchanges where BSOCIAL was available for sale are upgrading their platforms to migrate these tokens into the newly deployed BSL.
According to John Wingate, CEO of BankSocial, this transition will enable the project to reach its goal of providing decentralized financial services sooner. Migration of BSOCIAL tokens would also reduce the overall supply of tokens from 10 trillion to 10 billion.
BankSocial has complete alpha testing of its mobile application and it will provide a wide range of personal and business financial services to users, including services like making payments, lending, and storage of non-fungible tokens (NFTs) among other features.
As the project is progressing towards achieving its goal, it seems that BankSocial could socialize lending in the world. It could start a social business that will work on the concept of social capitalism by utilizing blockchain technology and create a lending system where people could share the value created and fund the loans.
Under this project, the community will become the lender and it will be rewarded for staying in the social pool.