Cryptocurrency exchange Coinbase has unveiled a new feature that will allow eligible customers in the US to borrow up to $1m in cash by using their Bitcoin as collateral.
With the feature, customers in selected US states will be able to “take out a line of credit” without any prior credit checks – equivalent to “as much as 40% of the value of the Bitcoin” in a user’s account, up to $1m.
The borrowed cash can be deposited quickly and fee-free to a bank or PayPal account, with $10 minimum payments required each month to pay the interest due.
Customers can then pay off their outstanding balance when ready, with their collateralised assets stored safely on Coinbase.
Coinbase will also offer fixed-term loans, which are currently only available for Coinbase customers in Connecticut.
Fixed-term loans will enable customers to borrow up to 30% of the value of their Bitcoin in cash (up to $100,000) on a one-year basis.
Only monthly interest of 8% APR is paid on the loan, with the principal repayable after a year.
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