A Japanese company listed on the Tokyo Stock Exchange is offering loans secured by three cryptocurrencies: BTC, BCH, and ETH. Clients can borrow up to 300 million yen (~$2.7 million) at varying interest rates. The company has also established a subsidiary overseas for its crypto business.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Loans Secured by BTC, BCH, ETH
The company explains that loans will be offered to crypto owners with BTC, BCH, or ETH as collateral. Customers will have access to funds in Japanese yen without having to liquidate their crypto positions. In Japan, liquidating cryptocurrencies could incur taxes of up to 55%, as news.Bitcoin.com previously reported.
Customers can borrow between 20 million yen (~US$179,000) and 300 million yen (~$2.7 million) for one year, with extensions. Interest rates for these loans range from 7.0% to 15.0%, including commissions and extension fees, Samurai details. The delinquency charge is 20% annually.
ICO Plan and Competition
Recently another Japanese company, Abic Corporation, announced a loan program secured by BTC. Abic’s loan terms range from 2 million yen (~US$18,260) to 1 billion yen (~$9.13 million) with annual interest rates ranging from 2.98% to 15.0%. Customers can borrow for a period of one month to five years; the delinquency charge is 20% annually.
Last week, crypto financial services platform Libra Credit partnered with Binance Labs, the investment arm of Binance, to “lend fiat and crypto denominated assets to users who pledge BNB [binance coin] as collateral,” the firm detailed.
What do you think of Samurai offering loans secured by BTC, BCH, and ETH? Let us know in the comments section below.
Images courtesy of Shutterstock and Samurai & J Partners.
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Source: Bitcoin.com