FIRST BITCOIN-BACKED LOAN ISSUED IN CANADA

[timotron]

that's actually great! nice way of handling with Bitcoin. Opens a new way for many players.
I hope it takes not much longer till we see it in Europe.

Additionally another big news about EthLend for US: https://blog.ethlend.io/ethlend-open-for-us-borrowers-8d66a5f5bfcd

[muslol67]

There is a project that Roger VER advises. His name is MoneyToken. It has a similar function. BTC, ETH, USDT and a few more cryptocurrencies began to be loan money. Many projects like this bank and project can be realized soon.

[stompix]

Wow, great news...huge....

https://www.ledn.io/



Isn't it great?
For a 10 000 CAD you'll be needing just a collateral of 3.3 BTC or roughly 300% of the sum you try to get.

I wonder what the actual terms on the loan are though. I feel like it's going to have either a huge interest rate or something else that would make it a terrible deal. Banks aren't going to offer a decent rate given the volatility of bitcoin.

They say 1-1.5% monthly, and T&C may apply so...we can safely assume something around 2-3%, and that is monthly:P

[bitcoinVPSD]

great . People are holding the bitcoin and they can use it to borrow money. This is opening up a new development trend for bitcoin and I believe it will soon expand and grow in many countries. But what I'm curious about here is what interest rates will be. Can you share more knowledge?

[HeRetiK]

Wow, great news...huge....

[...]

They say 1-1.5% monthly, and T&C may apply so...we can safely assume something around 2-3%, and that is monthly:P

Oh boi, so both the collateral are incredibly high and the interest rate is hilarously steep. Well, that's one way to manage your risk. I guess they also break your legs if you're late with your payments? :p

[basobulat]

FIRST BITCOIN-BACKED LOAN ISSUED IN CANADA

The first Bitcoin-backed loan has been issued to a Canadian company allowing cryptocurrency holders to liquify their assets without selling. Bitcoin Loan

Read more:
https://www.trackcoinmarket.com/crypto-news/37762/bitcoin-backed-loan-issued-canada

oh this is great, I think we should appreciate it. and this is the beginning of good news this month. although I have to check the truth of this news.

[Joeyvicky]

Very good path and bitcoin is always makinf difference. Its very profecient way for holders and am sure with time some more countries will incoporate this  brilliant idea.

[John5826]

It is good news for crypto users. and canadian people.

[Veerashanka]

FIRST BITCOIN-BACKED LOAN ISSUED IN CANADA

The first Bitcoin-backed loan has been issued to a Canadian company allowing cryptocurrency holders to liquify their assets without selling. Bitcoin Loan

Read more:
https://www.trackcoinmarket.com/crypto-news/37762/bitcoin-backed-loan-issued-canada

I don't see any meaning in issuing loan. Sometimes these permissions are given to rip Civilian money.In India riches ripped Government Banks Billions of dollars and ran away to Other Countries and to bring them back again Govt has to spend money and get Nothing.

[gentlemand]

Isn't it great?
For a 10 000 CAD you'll be needing just a collateral of 3.3 BTC or roughly 300% of the sum you try to get.

Well, that tells me that at least they're being realists about this. I'd expect those figures from somewhere that knew what the score was and how potentially ruinous it could be for everyone involved.

[ubercool]

I think it will revolutionize the lending business if all the countries start giving out loans keeping crypto as collateral. It will be a good thing for the new potential projects who have raised good amount of BTC or ETH and dont wanna sell them till the release of their platform.

[blueteam09]

FIRST BITCOIN-BACKED LOAN ISSUED IN CANADA

The first Bitcoin-backed loan has been issued to a Canadian company allowing cryptocurrency holders to liquify their assets without selling. Bitcoin Loan

Read more:
https://www.trackcoinmarket.com/crypto-news/37762/bitcoin-backed-loan-issued-canada

I still wonder that the rules for these loans. If this loan is paid based on the amount of Bitcoin you borrow, the downside market will create opportunities for you with loans to pay. But if the market goes up this is scary because the loan will increase many times.

[clrpod]

Wow, great news...huge....

https://www.ledn.io/



Isn't it great?
For a 10 000 CAD you'll be needing just a collateral of 3.3 BTC or roughly 300% of the sum you try to get.

I wonder what the actual terms on the loan are though. I feel like it's going to have either a huge interest rate or something else that would make it a terrible deal. Banks aren't going to offer a decent rate given the volatility of bitcoin.

They say 1-1.5% monthly, and T&C may apply so...we can safely assume something around 2-3%, and that is monthly:

Wow, thanks for digging in to that for us. It really is terrible then, it makes no sense for anyone to do this. Just sell to fiat and take out a loan in fiat where you'll get much better terms. I can't think of any person who would actually benefit from this. Maybe only someone who's extremely cash strapped and over invested in to bitcoin and doesn't want to sell that bitcoin? But it's not a sound financial decision.

[thankyoulord]

this is a good and great step. it only goes to show bitcoin is covering more ground and will continuously be accepted and adopted by all with time. I hope other countries do something similar too. nice one from canada

[teejayrichard2]

This a great news for the cryptocurrency community and bitcoin users. It goes to show the world is gradually accepting the use of bitcoin and making it convenient for their citizens from different parts of the world. This is just the beginning, we will see more countries do same in time coming.

[378budiman]

Maybe for me it still looks like an outlier from the start of the trend, but if accepting Bitcoin as collateral for loans becomes wider, I see a big step towards the legitimacy going forward.

[timerland]

It's really nothing new to the bitcoin community. We've been doing this for years now on the lending subforum where bitcoin or other cryptocurrencies can be used as collateral for a fixed fiat currency loan.

Loans offered that way is exactly what this bank is doing, here. Obviously, the scale is going to be much bigger and it might even be targeting big time traders or institutions, but the principle is the same.

They mention tax advantages in the article, which is a huge plus instead of cashing out and incurring a capital gain. There may well be more institutions offering these types of loans in the future given the continued recognition of bitcoin as a liquid form of currency.

[Gabali126]

FIRST BITCOIN-BACKED LOAN ISSUED IN CANADA

The first Bitcoin-backed loan has been issued to a Canadian company allowing cryptocurrency holders to liquify their assets without selling. Bitcoin Loan

Read more:
https://www.trackcoinmarket.com/crypto-news/37762/bitcoin-backed-loan-issued-canada

This is such a great news. What this means is that very soon, we shall no longer need the banks for loans anymore. Bitcoin and cryptocurrency gradually taking over.

[NickkiJonathan]

I believe with you and your argument about bitcoin never dies

[SkyrusAD]

this first bitcoin backed loan in canada is an interesting financing option.  There may be strong interest from retail investors in Asia