Bitcoin Payments Company Strike Launches BTC-Backed Loans

Strike, a Bitcoin payment company, has introduced Bitcoin-backed loans for its American customers. CEO Jack Mallers announced the new service, which allows customers from 26 U.S. states to secure loans ranging from $75,000 to $100,000. Mallers mentioned that the service will expand to other regions, including Europe. The concept behind Strike Lending is to enable customers to access cash without selling their Bitcoin assets, offering loans with a minimum 12% APR using Bitcoin as collateral. Individuals and companies can also qualify for larger loans exceeding $2 million. Strike, known for facilitating cryptocurrency transactions, is affiliated with Twenty One, a Bitcoin treasury company formed through a SPAC merger with support from Tether, Bitfinex, Cantor Fitzgerald, and SoftBank. Additionally, Strike collaborated with El Salvador on its Bitcoin initiative, assisting in establishing the infrastructure for using Bitcoin as legal tender. Despite recent policy changes, El Salvador's President Nayib Bukele continues to invest in Bitcoin. Read more AI-generated news on: https://app.chaingpt.org/news