Japanese lender launches Bitcoin-backed loans of up to $6.2M
Japanese lender CRYL has launched Bitcoin-backed loans for individuals and businesses, offering 1 million yen to 1 billion yen ($6,200 to $6.2 million) at 3.5% to 7% annual interest. Loans require BTC collateral at 40% to 60%, run for one year, and can fund taxes, business expenses, or property purchases. The product lets borrowers obtain fiat without selling Bitcoin and expands Japan’s regulated crypto-lending market. CRYL’s offering has a higher maximum loan size and lower minimum than Fintertech’s existing service, though it only accepts BTC as collateral. Most CRYL loans use lump-sum repayment, with principal and interest due at maturity after screening. Bitcoin-backed lending has existed in Japan for years, and broader uses of BTC as collateral are still being explored, including research into digital bond and credit products.
