Summary
- Gibraltar's Zapo Bank announced the launch of a loan product using Bitcoin as collateral.
- The product is available with a limit of up to $1 million and can be used by all customers except those in the UK and Australia.
- Zapo Bank explained that this decision was made to provide more customer options in consideration of the expansion of the virtual asset industry in the US.
Zapo Bank, based in Gibraltar, has launched a loan product utilizing Bitcoin (BTC).
According to cryptocurrency specialist media Decrypt on the 18th (local time), Zapo Bank now allows Bitcoin to be used as collateral for loans starting from that day.
Gadi Chayet, Investment Officer at Zapo Bank, said, "This new service is available to all customers except those in the UK and Australia, and provides Bitcoin-backed loans of up to $1 million."
Zapo Bank explained that they made this decision as the pace of acceptance for the virtual asset industry in the US has accelerated. Chayet explained, "After seeing Wall Street banks like Cantor Fitzgerald developing their own Bitcoin financial products, we wanted to provide more options to our customers."
Uk Jin
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