IEG Holdings (OTCQB: IEGH) this morning said that after considering the potential risks and benefits, it will not pursue a cryptocurrency offering or any other cryptocurrency-related ventures at this time. However, the company intends to keep an eye on the developing regulations and may consider cryptocurrency opportunities in the future. In addition, IEG Holdings will continue to explore the potential application of blockchain technology to its core consumer lending business. The company’s chairman, chief executive officer, sole director and largest shareholder Paul Mathieson wholly-owns Investment Evolution Coin Ltd. (“IEC Ltd.”). IEC Ltd. is exploring the launch of a new cryptocurrency in Singapore and select other jurisdictions to be called Investment Evolution Coin (“IEC”). The IEC cryptocurrency targeted launch date is May 2018, subject to receipt of any applicable regulatory approvals and licenses. Mathieson intends to provide each of the other shareholders of IEG Holdings of record as of Monday April 30, 2018 with the opportunity to receive the same number and the same percentage of ordinary fully paid up shares in the issued share capital of IEC Ltd.
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About IEG Holdings Corporation
IEG Holdings Corporation provides online $5,000 and $10,000 unsecured consumer loans under the brand name, “Mr. Amazing Loans,” via its website, www.MrAmazingLoans.com. In addition, IEG Holdings announced on December 22, 2017 that it has formed Investment Evolution Crypto, LLC, a wholly owned subsidiary of IEG Holdings (“Crypto”). Crypto will explore the legalities and economic risks and benefits of entering into a joint venture with Investment Evolution Corporation, a wholly owned subsidiary of IEG Holdings (“IEC”), to accept repayment of customer loans in the form of crypto/blockchain currencies such as Bitcoin, provide the crypto equivalent of $5,000 and $10,000 loans to customers, and also potentially create and issue an IEC cryptocurrency. Crypto has not begun operations and is in the development planning stages to explore these business opportunities in this time of changing technology. For more information about IEG Holdings, visit www.InvestmentEvolution.com.
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