Alex Faliushin, the CEO of CoinLoan, stated, "As a company, we have just celebrated our fifth anniversary. To see this much growth in such a short time motivates us to keep going and trust that we are on the right path."
According to CoinLoan’s mid-year report, the lending firm has seen an uptrend in its growth metrics despite the ongoing crypto winter.
The report acknowledged the downtrend in the crypto market. It stated the crypto winter has not affected CoinLoan’s liquidity or assets. This is because CoinLoan neither invested in the LUNA token nor lent its assets to 3AC. Thus, it avoided the two major factors that led to many crypto platforms facing bankruptcy.
CoinLoan’s interest account deposits increased by 54% compared to the first half of 2021. Moreover, its exchange turnover and wallet deposits grew by 18% and 26%.
However, the crypto lender’s new loans and cash flow saw a decline due to the prevailing market conditions.
Interestingly, CoinLoan recorded an 11.85% uptrend in profits since 2021. It attributes the rise to the influx of new users in August 2021 and several users issuing loans in the latter half of 2021.
The report also revealed several updates that CoinLoan added to its services. These range from quality of life improvements such as more localization options for the mobile app, tabular view, and updated interface for CLT tokens to features like partial loan repayment, improvements to instant loan form, and so on.
Additionally, CoinLoan recently added support for Solana (SOL) and Binance Coin (BNB).
The report also revealed CoinLoan’s roadmap. The platform seeks to integrate Tron (TRX), Avalanche (AVAX), and Algorand (ALGO) into its ecosystem. It will also add its margin lending product, 2FA using Security Keys, and low-cost FPS/BACS deposits and withdrawals in the future.
