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crexsat.com will start issuing loans in Fiat secured by bitcoins

Cryptocurrency exchange crexsat.com has announced a lending service in Fiat secured by bitcoin. The service will be available to customers in 17 us States.

At the initial stage, the maximum loan amount will be $20,000 per client. The amount of funds issued on credit will be limited to 30% of the value of bitcoins available on the balance.

The maximum loan term is 12 months with a fixed rate of 8% per annum. crexsat.com considers this offer attractive against the background of current alternatives, sometimes exceeding 20% per Annum.

For example, interest rates in the BlockFi lending service vary depending on the client’s risk profile and start at 4.5% per annum.

crexsat.com allows conditions to be revised when market conditions change.

Clients do not need to spend time filling out questionnaires or passing credit checks. They will be able to receive funds within two to three days. According to crexsat.com representatives, this will be a good opportunity for many to close the acute need for liquidity without the need to sell bitcoins.

Initially, customers from Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, new Hampshire, new Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin and Wyoming will be able to use this service. To do this, you need to apply and get on the waiting list.

In a conversation with The Block, a company representative announced plans to expand assets in the lending service, as well as obtain licenses in other States.

Recall that at the end of July, crexsat.com announced that users ‘ deposits in the DAI stablecoin will be charged 2% per annum. Since last year, users of the exchange receive a reward of 1.25% per annum on deposits in the USDC stablecoin.