(Yicai Global) March 4 -- Ping An Insurance-backed securities trading platform Lu.Com has started to use blockchain to make its services more safe.
Lu.Com, owned by Lujiazui International Financial Asset Exchange, has begun to keep control of IDs and trace peer-to-peer lending transactions by blockchain technology, the Shanghai-based company said in a statement today.
Maintaining trust between borrowers and lenders on P2P platforms is a key issue, the statement added. With this decentralized public ledger, investors may ensure the authenticity of transactions. The process also helps regulators to supervise transfers in real time, the firm added.
Lujiazui International Financial Asset Exchange aims to integrate blockchain across the board. So far it is using the technology in some asset management, trust and private equity products.
Founded in 2011, Lu.Com has raised USD3 billion in three rounds of funding and the number of registered users surpassed 7 million in February 2015, according to Crunchbase.
Editor: Emmi Laine