Japanese lender launches Bitcoin-backed loans of up to $6.2M

[Oshosondy]

Japanese lender CRYL has launched Bitcoin-backed loans of up to 1 billion yen ($6.2 million), allowing individuals and businesses to raise fiat currency without selling their BTC.

On Thursday, the company announced that borrowers can access between $6,200 and $6.2 million at annual rates of 3.5% to 7%. The loans carry collateral ratios of 40% to 60%. They run for one year and can be used for expenses, including taxes, business funding and property purchases.

You can read it on https://cointelegraph.com/news/japan-cryl-bitcoin-backed-loans-6-million
https://prtimes.jp/main/html/rd/p/000000001.000185286.html

I just copied and pasted the necessary part which I think is good as bitcoin adoption has continued till today. Was it Coinbase we read about last with bitcoin backed loan, more companies around the are also starting offering it.

[PX-Z]

40-60%? Well, that's pretty considerable knowing bitcoin may plummeted for several months or almost a year of bear season. But for someone who wants to loan with that ratio, although 3-7% annual interest sounds pretty small, but still i'd better wait and hold instead, except if you really need cash to run  a business for returns and be able to repay the loan.

[joniboini]

I wonder how good or bad this loan will be. Anyone with similar experience maybe can compare it directly? Still though, the number seems small compared to the number of hacked coins you heard on media every now and then.

Anyway, even if such loans are available in my are, I'm definitely not the market for that. I'm more comfortable getting enough funds on my own before doing anything risky.