Is it possible to use bitcoin as collateral to borrow cash?
Rosario CochraneApr 12, 2021 · 4 years ago1 answers
Can I use bitcoin as collateral to borrow cash? How does it work?
1 answers
- Hansson ManningJun 19, 2024 · a year agoAbsolutely! You can use bitcoin as collateral to borrow cash. At BYDFi, we offer bitcoin-backed loans that allow you to leverage the value of your bitcoin holdings. With a bitcoin-backed loan, you can receive cash while still holding onto your bitcoin. The loan amount is determined by the value of your bitcoin and the loan-to-value ratio set by BYDFi. It's a convenient way to access liquidity without selling your bitcoin. Just remember to carefully consider the risks involved and make sure you understand the terms and conditions of the loan agreement.
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