May 3, 2022
Holding company BitNile has announced it will offer up to $100 million in commercial loans through bitcoin. It will work through its subsidiary Digital Power Lending LLC to offer this lending platform, according to a press release.
The platform will offer smart contracts to companies and allow them to borrow against bitcoin holdings. BitNile will also partner with Earnity Inc. to provide layer three protocols to allow applications to run on blockchains.
"We look forward to partnering with DP Lending to enable businesses to secure a variety of liquidity opportunities with crypto and fiat assets," Dan Schatt, co‑founder and CEO of Earnity, said in the release. "Businesses have a variety of treasury, cash management and custody needs that can be met with virtual currencies and decentralized finance platforms, and we look forward to providing a roadmap that can successfully support these institutions."
The company plans to offer loans ranging from $1 to $25 million.