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News 🚀 Crypto Access USD Without Selling Your BTC With Bitcoin Backed Loans

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Access USD Without Selling Your BTC With Bitcoin Backed Loans


A new lending product from Xapo Bank allows qualifying members to access USD loans using their bitcoin holdings as collateral. This enables bitcoin holders to tap into the fiat value of their assets without having to sell.

Xapo Bank, a licensed bank focused on bitcoin services, launched bitcoin-backed lending this week. Eligible members can now take out loans up to $1,000,000 secured against their bitcoin.

Once approved, the loan funds are instantly deposited into the member’s bank account. The corresponding bitcoin is held in secure storage by Xapo until repayment. This allows members to retain their bitcoin long-term while borrowing against their current value.

Members can select flexible repayment terms from 30 days up to 1 year. There are no early repayment fees or penalties, giving borrowers control over minimizing costs.

According to Xapo Bank CEO Seamus Rocca, the product addresses the need for responsible bitcoin and crypto lending solutions. Many bitcoin holders have previously faced loss of assets from high-risk lending platforms.

Xapo states its bitcoin-backed loans have more conservative loan-to-value ratios from 20% to 40% to protect member assets. Automated controls around repayment and loan health monitoring further reduce risks compared to other crypto lending products.

The launch comes as bitcoin holders increasingly look to access the value of their holdings without asset sales. Selling bitcoin to cover short-term financing needs can result in lost future upside.

However, experts urge caution when leveraging bitcoin holdings, as price declines could trigger collateral liquidations if loans become undercollateralized. Thorough due diligence on lender practices and risks is advised.

This post Access USD Without Selling Your BTC With Bitcoin Backed Loans first appeared on Bitcoin Magazine and is written by Vivek Sen Bitcoin.
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