Japan's CRYL Launches Bitcoin-Backed Loans of Up to $6.2 Million
Uk Jin
Summary
- Japan's financial firm CRYL said it has launched a Bitcoin-backed loan product offering loans of up to 1 billion yen.
- The Bitcoin-backed loan product offers borrowing from 1 million yen to 1 billion yen, with annual interest rates of 3.5% to 7% and LTV ratios of 40% to 60%.
- CRYL said Bitcoin had previously only been available to hold or sell, but the new collateralized loan product gives users another option.
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Japan's CRYL has launched a Bitcoin-backed loan product offering up to 1 billion yen, or about $6.2 million, in borrowing.
Cointelegraph reported on July 10 that the company will provide Bitcoin-backed loans to individuals and businesses ranging from 1 million yen, or about $6,200, to 1 billion yen. Annual interest rates range from 3.5% to 7%, with loan-to-value ratios of 40% to 60%.
Applicants must undergo screening, and most loans require borrowers to repay principal and interest in a lump sum at maturity.
CRYL said Bitcoin had previously been an asset that users could only hold or sell, but collateralized lending now provides another option.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.