"Investing Without Tokens"… Swiss P2B Lending Crosses Borders On-Chain

The funding gap for small and medium-sized enterprises (SMEs) in Europe has long remained a void that banks have failed to fill. A report jointly published by Cointelegraph Research and 8lends in July estimated this gap at $39 billion. The Swiss crowdfunding platform Maclear AG's on-chain sister platform, 8lends, claims it aims to bridge this gap on the blockchain.

8lends is a so-called "Web 2.5" hybrid platform launched in March 2025. Loan assessments and collateral settings are handled in Switzerland using traditional fintech methods, while investment participation and settlements are conducted on the Base chain using USDC. On July 22, 8lends opened its Korean X account and Telegram channel simultaneously, choosing South Korea as the first country for its expansion into the Asia-Pacific (APAC) region.

TokenPost met with Iván Marchena, Chief Communications Officer (CCO) of 8lends, to discuss the relationship with Maclear, the role of tokens, strategies for the Korean market, and how to verify claims of high returns.

First, please explain Maclear, the parent company. What kind of platform is it for investors?

"Maclear is a P2B (peer-to-business) crowdfunding platform based in Switzerland. The company was founded in 2020 and launched its first project in 2023. It connects ordinary investors with European companies in need of growth capital.

Borrowers are SMEs belonging to the real economy, such as manufacturing, trade, logistics, and construction. All loans are secured with collateral and backed by a separate provision fund. Investors can participate from as little as €50 and receive monthly repayments. It also offers a secondary market and an AutoInvest feature. This product allows investors from the European Economic Area (EEA) to access European corporate debt passively and at relatively high yields."

Please share Maclear's performance metrics.

The figures presented by Maclear as of June 2026 are as follows:

• Active investors for the month: 3,989
• Project investment execution amount for the month: €10.56 million
• Principal and interest repayment amount for the month: €6.86 million (80 projects completed principal repayments)
• Minimum investment: €50
• Target and realized yield: approximately 14.5% to 16.5% per annum (with a maximum of 3%p for royalties and referral bonuses separately)
• Platform fees: 0% for deposits, investments, and withdrawals
• Regulatory status: Incorporated in Valais, Switzerland, member of the PolyReg self-regulatory organization (SRO)
• Trustpilot rating: 4.5 out of 5 (approximately 879 reviews)

In May, approximately €10.5 million was executed, and 4,249 new investors joined, bringing the cumulative investor base to about 39,500. According to traffic analysis tool SEMrush, the Maclear website had 381,530 monthly visitors in June, a 36% increase from May (280,000). By country, the traffic was concentrated in Western Europe, with France at 34%, Germany at 19%, Spain at 11%, Portugal at 9%, and Switzerland at 6%, with about 76% of the traffic coming from direct sources.

Why did you create 8lends when you already have Maclear?

"P2B and crowdfunding in Europe are categories that are growing significantly. Major players, including Maclear, have experienced double-digit growth, especially in the last two years. We believe that the same demand and opportunities exist not only in Europe but globally.

The issue is that Maclear is a regulated entity in Switzerland and cannot directly serve users outside Europe. This is where 8lends comes in. A platform was needed to offer P2B lending products to users outside the continent through blockchain.

8lends retains the functions and advantages of traditional fintech while maximizing transparency by implementing immutable smart contracts underneath."

From an investor's perspective, how should the relationship between Maclear and 8lends be understood?

"You can see them as two independent platforms sharing a single assessment engine.

The borrower and loan selection are shared. Maclear conducts due diligence, collateral evaluation, and rating assessments for both. Therefore, the borrower pool and assessment criteria overlap.

However, statistics are kept separate. Each platform aggregates its own funding amounts, number of investors, and track records independently. Maclear has a larger scale and longer history, while 8lends is smaller and newer. You should not sum the two numbers together.

The most significant difference is the legal structure. Maclear AG is a Swiss corporation regulated through PolyReg SRO. 8lends is operated by Alpha Systems LLC, registered in Saint Vincent and the Grenadines, with Maclear AG acting as the collateral agent. This means that the jurisdiction, investor protection mechanisms, and risk profiles differ."

How is the collateral assessment specifically conducted?

"8lends relies on Maclear for one of its most critical functions: project verification and setting physical asset collateral. Factory equipment, business machinery, and commercial real estate are secured as collateral for loans.

Maclear has refined this process over the past six years, resulting in only one default. That single case was resolved by liquidating the collateralized business assets and returning the principal to investors.

8lends applies the same assessment team and criteria to its own borrower pool. Since its launch in March 2025, 8lends has had zero defaults."

Do investors need to buy tokens to invest in projects? If so, what is the role of the 8lends token?

"I will answer in two parts.

First, there is no need to buy tokens. Tokens are not at all the core of our business. Our business model does not rely on or revolve around tokens. The essence of 8lends is a traditional fintech company in the P2B and crowdfunding space. Any project listed on 8lends can be participated in using stablecoins, and in the case of 8lends, that means USDC.

Second, the core function of the 8lends token is as a loyalty point. Tokens are awarded for user activities such as project investments. You can think of it as being similar to Starbucks' stars."

According to 8lends, investors receive $8LNDS tokens equivalent to 6% of their investment amount through a "Proof of Loan" mechanism, which is subject to vesting.

What are the key metrics for 8lends?

The figures from the joint report with Cointelegraph Research and 8lends' own aggregation as of June 2026 are as follows:

• Cumulative on-chain distribution amount since launch (March 2025): approximately $15.4 million USDC
• Repayment amount: $5.79 million USDC (approximately 38%)
• Remaining/in-progress: approximately $9.61 million USDC
• Cumulative investors: 2,143
• Minimum investment: 100 USDC
• Target yield: annual 19% to 25% APR
• Settlement: full settlement in USDC on the Base chain
• Smart contract audit: Certik, Cyberscope
• Protection mechanisms: physical collateral through Maclear AG, multi-layer due diligence on over 40 items, and a buyback clause that protects 100% of the principal after a 60-day delay for some projects
• Secondary market: liquidation possible before maturity (limited liquidity in the early stages)

As of May, 8lends reported approximately 1,940 active monthly investors, with France, Spain, and Portugal being the top countries for new inflows, overlapping with Maclear's regional distribution. Most activities occur on the dApp (app.8lends.io) rather than the marketing site, making on-chain transaction and smart contract records more valid indicators than website traffic, according to the company.

Why did you choose South Korea as the first country for your APAC expansion?

"APAC is one of the regions with the highest acceptance of digital assets in the world. The three countries we initially considered were South Korea, the Philippines, and Vietnam.

Ultimately, there were several factors in choosing Korea, but the most significant were the high level of blockchain understanding among Korean users and the maturity of the market ecosystem. It was believed that discerning Korean users could independently assess the transparency, repayment track record, near-zero default rate, and APR levels of 8lends compared to other market options.

After deciding on Korea as the first market, investments were made to provide the best service. A team with experience working alongside representative projects in Korea was secured, including community managers, content teams, and country managers.

In addition, they are collaborating with Korea's alpha community, influencers, and media to convey their messages. While 8lends has already expanded beyond Europe, Korea is the first country to have its own X account and Telegram channel. Considering the preferences of Korean users, they also operate Naver and KakaoTalk channels.

8lends has approximately 14,800 global Telegram subscribers and around 103,000 global X followers. The Korean X (@eightlendsKR) and Korean Telegram (@eightlends_korea) were officially launched on July 22.

How can the claim of a cumulative repayment of 15.4 million USDC be verified?

"It is verifiable. First, I want to emphasize again that the 8lends smart contract has been audited by both Certik and Cyberscope. Our claims regarding principal repayments and ongoing APR payments are all recorded on-chain and can be accessed directly on our website. Here’s how it works.

By clicking the 'Primary' tab on the top navigation of the 8lends main page, you will see four categories: Open/Soon/Funded/Repaid. After selecting 'Repaid', you can open any project and expand the details to see on-chain transactions that match the 'Principal Repayment' item. Clicking on that amount will link you to the Basescan record of that transaction. You can repeat the same process for all projects in the 'Repaid' status. In the 'Funded' tab, you can also check the monthly APR history paid to all users who invested in each project.

8lends is making significant efforts to ensure transparency for both users and projects. We take pride in this and demand the same level of disclosure from similar projects."

The Web3 industry has been stagnant for the past two years. By actively investing in the Korean ecosystem, the risk of being attacked by competitors increases. Why take that risk?

"I will answer in two parts.

First, it is true that the entire Web3 sector has faced significant challenges over the past 24 months. However, the core business model of 8lends is based on the proven model of its parent company, Marklear, which is a Web2 fintech company. Unlike typical Web3 companies, we do not rely on token sales at all. The blockchain is merely a technology and tool to provide verified services to a broader user base outside of Europe and a means to offer unprecedented transparency to the entire ecosystem.

In a situation where bank interest rates are low and access to capital for small and medium-sized enterprises is difficult, platforms like 8lends can serve as a hedge against low interest rates for users and provide a funding source for business expansion for SMEs. The fact that we have the capacity to contribute to and invest in the Korean Web3 ecosystem, even during tough times in the industry, is evidence that we operate on a solid business foundation rather than speculation.

Secondly, when you do the right and good thing, you are bound to be attacked. Unfortunately, that is a natural law of the world. However, such attacks actually validate our business model and services. The attacking side can only create false information with edited facts, and we can transparently refute that. In the end, the truth prevails.

These events do not shake our two major goals: providing a hedge against low domestic bank interest rates for users in Korea and beyond, including APAC and Latin America, and offering faster access to funding for SMEs."

Marklear's strength lies in its ability to assess small and medium-sized enterprises in Europe. Are there plans to expand the target to SMEs outside of Europe, such as in Korea?

"As a collateral agent for 8lends, Marklear has established verified practices in assessing SME projects and collateral setting within Europe. The issue is that each APAC country has its own different institutional framework. There is no single APAC framework like in Europe.

Nevertheless, we have been selecting and reviewing APAC countries where our know-how and practices can be applied with minimal localization. Ultimately, what matters is the assurance that the projects coming to 8lends have the same risk profile, whether they come from Hungary or Korea.

We take pride in our near-zero default record and will do everything we can to maintain it. This is why the rejection rate for SMEs applying for platform listing exceeds 90%."

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.