BitLeague introduces Bitcoin-backed loan services

By Pavithra R

California based bitcoin investment platform provider BitLeague has announced its plan to provide crypto-based USD loan services.

Through BitLeague’s lending arm DigitAmex LLC (U.S. licensed), the firm will offer industry-leading bitcoin-backed loans to clients. Cryptocurrency investors will be able to borrow from 3.99% APR without selling their bitcoin holdings on the website or via the BitLeague App. The loan rate will be adjusted based on term, loan to value ratio, etc.

“This is a new milestone for our business. Our clients have enjoyed our zero-commission bitcoin trading service, and now, they can get loans from us at a very competitive rate without selling their bitcoin investment. We see a substantial demand from clients for this essential product. Having received our Lending License from California, this bitcoin-backed loan service will be rolled out from this market, and we hope to cover the entire U.S.U.S. in the short to medium term,” said Yifeng Mao, founder of BitLeague.

Founded by Citigroup, Franklin Templeton, and Goldman Sachs veterans BitLeague is FinCEN registered crypto financial service platform. The company’s goal is to disrupt the banking business model. It makes use of patented blockchain technology and offers security by ensuring fiat currencies to be stored in U.S.U.S. custodial bank accounts and covered by FDIC insurance. It offers over 9% annual interest rate to bitcoin investors, low loan rates and zero commission bitcoin trading services.