CoinLoan's 2022 Half-Year Report

ReportSep 26, 2022
CoinLoan's 2022 Half-Year Report

Overview

“Change is the only constant in life.”

This adage is especially relevant to a business like ours that sits at the intersection of technology, finance, process, and human behavior.

The first half of 2022 was definitely a transformational period for CoinLoan and the whole crypto lending industry. This year’s downturn has affected all of us. Despite the challenges of a global crypto market and the subsequent turmoil, the first half of the year represented one of the strongest periods in the history of CoinLoan. It reflected the strength and durability of our company, business model, innovative products, and dedicated team. We built a company that continues to deliver growth, profitability, and cash flows regardless of the economic environment.

2022 is a historic year for CoinLoan – this year, the company is celebrating its 5th anniversary. We have come a long way from being a crypto lending pioneer to becoming a modern ecosystem containing several products and services. We managed to navigate all the challenges and seize the opportunities thanks to your belief in us.

We have prepared a report detailing our growth metrics and the latest enhancements for the first half of 2022. Grab your seat and see the rocket flying!

Achievements

Market situation and CoinLoan

Unlike some projects that have collapsed due to panic, investment in risk instruments, or poor risk management, CoinLoan has remained afloat. The current situation does not affect the liquidity of the platform, our company’s fundamentals, and the protection of the assets.

As CoinLoan adheres to the highest standards of reliability and trust, it has never participated in investing in any DeFi protocols or synthetic assets, having LUNA or the UST “stablecoin” in its portfolio, stETH-based staking or offering the stETH tokens to its clients, locking ETH in preparation for the Ethereum 2.0 upgrade, and lending exposure to Three Arrows Capital.

CoinLoan has a solid risk management strategy for unfavorable market scenarios. As the oldest crypto lending provider, our company has successfully overcome a series of market downturns and crypto winters.

Nevertheless, CoinLoan reduced the account withdrawal limit in order to balance the flows of funds and prevent liquidity-related interruptions. It was only a preemptive step to ensure smooth operation in the future. Later, when there was less panic, the company increased withdrawal limits.

Given the lingering market turbulence, we felt it necessary to share good news and provide first-hand updates on our plans and operations. That’s why, CoinLoan’s co-founders, Alex Faliushin and Max Sapelov, connected to Redditors during a highly awaited AMA (Ask Me Anything) session. CoinLoan’s effective response to the downturn took center stage. Many participants wanted to learn about withdrawal limit changes, the protection of users’ funds, and the specifics of our business model. You can read all the questions and answers, sorted by topic for your convenience, in this post.

Growth highlights

User growth & customer satisfaction

While the industry is experiencing sluggish growth in 2022, the number of registered users at CoinLoan is still growing. Compared to the same period last year (January–July), 6% more people registered and became CoinLoaners.

User growth compared to January-July of 2021
User growth compared to January-July of 2021

Moreover, CoinLoan has conducted an internal survey to determine customer satisfaction with the company’s services. The survey results show that most of our users are satisfied with the company’s various services, including our lending system, Interest Account, security standards, and customer support.

Customer satisfaction (survey results, 2022)
Customer satisfaction (survey results, 2022)

Furthermore, respondents seemed most attracted to CoinLoan’s Instant Loan processing and the ability to repay Loans using different assets, both of which set CoinLoan apart from its competitors.

CoinLoan’s customer loyalty hasn’t diminished due to continuous, customer-driven growth. The company has implemented new strategies and expanded its offerings in order to meet the needs of its growing customer base.

“We are always looking for ways in which we can improve the user experience of our customers, and these survey results are a fantastic indication that our hard work is paying off. Even as this industry suffers some growing pains, CoinLoan stands as an example of what sustainable growth in the right direction can look like.” — Alex Faliushin, CoinLoan’s co-founder and CEO.

Asset growth

The growth of Wallet and Interest Account deposits increased by 26% and 54% correspondingly compared to the first half of 2021. Exchange turnover surged by 18% in comparison with the same period of 2021. But the number of new Loans and net cashflow decreased due to the market decline.

Asset growth in % compared to January-July of 2021
Asset growth in % compared to January-July of 2021

Profit growth

CoinLoan’s main profit source is Instant Loans. In the first half of 2022, the profit was unprecedented: +11.85% compared to the first half of 2021! There are two reasons for this uptick:

  1. The backbone of new users came in August 2021.
  2. A lot of users got Loans in the second half of 2021.

Released features

Recently, we have delivered new features that will improve the overall user experience and make asset management much easier. Our development process is security-focused, as we believe we are responsible for avoiding the risk associated with any changes we make and any features we release. Our mission is to assure the secure development and delivery of the CoinLoan products and increase trust among our clients.

“Our success depends in part upon our ability to continue to recognize and meet customer needs, anticipate opportunities created by changing technology, adapt our products to the changing expectations of our customer community, and keep pace with emerging industry standards. As a part of our ongoing commitment to these goals, we continue to focus on the people, processes, and technology that help to achieve them.” — Max Sapelov, CoinLoan’s co-founder and CTO.

Web platform updates

  • Easy email change: You can now update your email address on the platform in Settings. Please note that for security reasons, withdrawals become blocked for 72 hours after an address change.
  • Wallet and Interest Account search by asset: You don’t need to scroll down the page anymore – just enter the first letters of your asset name into the Search field.
  • Table view in Interest Account: Now, you can switch between two views in Interest Account, similar to Wallet.
  • Loan improvements: We further developed the Instant Loan form and updated success screens for all Loan actions.
  • Refer a Friend: We have redesigned this module.
  • Updated interface when paying a loan in CLT: We’ve had the paying in CLT option for a while, but the updated interface made the wording clear. Now, you can see the two options on the web platform in the loan currency at its current rate. This way, you can compare and choose what fits you best.

Mobile app updates

  • Show/Hide for Interest Account: The option syncs across the app, so your balance-hiding changes are applied to both the Wallet and Interest Account screens.
  • Localization: Added Korean and Portuguese languages.
  • Delete account: Now, you can permanently delete your account.
  • Partial repayment: From now on, you can pay a flexible sum ahead of your scheduled payment from any device.

Both web and mobile platforms updates

  • BSC network support for stablecoins: You can choose between Ethereum and BSC blockchains to transfer USDT, BUSD, and USDC free of charge and with no limits. The feature is available in the Deposit and Withdrawal forms on the web platform and in the mobile app.
  • Address Book: With this option, you can keep all your addresses in one place. Address Book helps prevent manual errors during crypto transfers and supports all digital assets available on CoinLoan.
  • Daily limit info and a daily limit usage bar: You always know the amount you can withdraw from your CoinLoan account within a day.
  • Total balance for Interest Account: Keep in mind that Total Balance in the Wallet module still shows the sum of your Interest Account balance and Wallet balance.
  • Hide small balances: The checkbox is located in Interest Account and Wallet.

New assets

CoinLoan's 2022 Half-Year Report

Partners

We at CoinLoan believe that every company must put the highest priority on security. Although CoinLoan security standard is exceptionally rare, we always strive for better transparency, which third-party audits provide. Thus, in addition to our internal policies, we partner with Blaze Information Security, an international cybersecurity company, for advanced protection. Blaze helps us to monitor our exposure to threats: it helps with managing and mitigating risks. Check our detailed article on partnership with Blaze for more information.

“While CoinLoan’s security experts regularly perform internal security audits and code reviews, and our Bug Bounty program lets white-hat hackers test our system for bugs and vulnerabilities, we believe that every company that puts the highest priority on security must undergo penetration testing by a professional third-party auditing company. We chose Blaze because they have the experience and know-how needed to test specific factors unique to the crypto sphere.” — Max Sapelov, CoinLoan’s co-founder and CTO.

We also partner with Elliptic, a leading crypto compliance solutions provider. From a user perspective, Elliptic monitors crypto addresses for outbound transactions for AML purposes and to avoid transfers to scammy addresses. With Elliptic, CoinLoan enhances its proactive approach to risk management. Learn more about our long-standing partnership with Elliptic here.

“Elliptic offers an optimal combination of recognition, trustworthiness, and coverage of blockchains and digital assets.” — Max Sapelov, CoinLoan’s co-founder and CTO.

What’s next

CoinLoan doesn’t stand still. We are working hard behind the scenes to be prepared for the future. Besides, due to continuous growth, CoinLoan is constantly expanding and hiring cherry-picked talents to accelerate the development and implementation of new features while other crypto companies are firing their staff.

Here are some upcoming services our customers can look forward to in the foreseeable future.

We are going to support more deposit and withdrawal networks. We have already launched BSC (Binance Smart Chain) and plan to add TRX (Tron) next. Likewise, we want to add more BEP-20 tokens based on the BSC blockchain, integrate with TRON (TRX) and TRC-20 tokens (USDT), and add Avalanche (AVAX) and Algorand (ALGO).

Besides, we’re negotiating with several payment providers to allow deposits and withdrawals with FPS/BACS at a low cost.

We are currently working on redesigning our website to make it more consistent with our brand-new identity. The design promises to be stylish and eye-catching.

We are also researching and developing fixed period savings, debit card solutions, and new security features like 2FA via Security Key and whitelisting. Furthermore, we are constantly improving our UI. In addition, we are looking forward to launching a margin lending product, an API for integrations with other platforms, and much more.

Wrapping up

This year, CoinLoan is celebrating its 5th anniversary. When we founded the company in 2017, we had no idea what our journey would be like. We didn’t know how the future would unfold or what would emerge beyond the horizon. Through it all, we were able to navigate those emerging challenges and opportunities with the consistency of your support. Put simply, we wouldn’t be here without you.

When we built our proprietary platform, your feedback made it the best-in-class. Your need to manage your assets on the go led to advanced mobile applications. Thanks to you, we have always remained ahead of the curve.

We look forward to many more good years together!

Disclaimer:

The information provided by CoinLoan (“we,” “us,” or “our”) in this text is for general informational purposes only. All investment and financial opinions expressed by CoinLoan in this text are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information in this text.

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