The Spanish company Bit2Me launched the loan service with bitcoin as collateral called Bit2Me Loan. Those interested can apply, without paperwork, for up to 1 million euros.

The credit assignment is immediate, with no fees for opening or closing the application. In addition, the loan payment can be made when the beneficiary has the opportunity.

The detail to take into account regarding this service is that “it is necessary to deposit more value in crypto than what is borrowed, and it can be in bitcoin or ethereum. This overcollateralization –the financial term– reveals that the crypto sector still needs extra security support when it approaches traditional finances.”

In any case, Bit2Me Loan offers loans for various interests and projects, such as “buying a house to expanding a business.” Applicants must take into account, however, the risks that could be triggered by a significant drop in the price of the cryptocurrencies used as collateral.

M.Pino

Source: xataka

(Reference image source: Mariia Shalabaieva on Unsplash)

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La entrada Bit2Me launches loans with cryptocurrencies apareció primero en Bitfinance.