Payments
PayBito intros crypto-loans
December 28, 2021
PayBito, a crypto assets exchange has announced its clients may now get a loan backed by their crypto collateral. With this loan, customers can gain additional liquidity without divesting their assets, according to a press release.
When customers get the loan, their bitcoin will be transferred to a designated collateral wallet, which can be withdrawal from once the loan is repaid, or they may withdraw excess collateral once the loan health is above 70%. PayBito provides loans in multiple fiat currencies and in values between $0.5 and $2 million.
"PayBito envisions a decentralized platform where obtaining a loan against collateral can be as simply done as stated," Raj Chowdhury, founder and CEO of PayBito, said in the release. "Crypto loans provide great speed and flexibility in the lending and borrowing services. Besides, there exists total transparency in movements of funds owing to the underlying blockchain technology."
PayBito currently only accepts bitcoin as collateral.
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