An established Japanese corporation has begun offering loans secured by cryptocurrency. The company says this is the first service in Japan where loans in Japanese yen can be obtained with cryptocurrency as collateral.
Abic Corporation announced Friday the launch of its bitcoin loan service. “From June 1, we offer loans with virtual currency bitcoin (BTC) as collateral,” the company’s announcement reads.
Founded in 1973 and headquartered in Tokyo, Abic Corporation offers a broad range of secured loan products including commercial and real estate loans.
Emphasizing that its crypto secured loans give customers access to funds without having to sell their crypto, the company urges customers to use its crypto secured loans “for a wide range of purposes such as new virtual currency purchases, [and] tax payments.”
Furthermore, the company assured that while holding bitcoins as collateral, customers will still receive any forked coins that may split off during that time. “Even if you receive loans with bitcoins as collateral, there is no worry that the right in division will be lost,” Abic reiterated.
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