Have Bitcoin? Need Cash? Strike Launches New Product Allowing Users To Borrow Up To $2 Million – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

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The thought of selling Bitcoin BTC/USD makes you feel squeamish? Strike, a cryptocurrency payments firm, has launched a new lending product that allows users to take out loans using the world’s largest cryptocurrency as collateral.

What Happened: The firm’s CEO, Jack Mallers, took to X, explaining how the new offering would work.

Like other credit-financing mechanisms, Bitcoin-backed loans involve temporarily pledging held BTC as secure collateral and receiving a cash loan, to be repaid with interest. The larger the loan, the more collateral is required.

For a 12-month loan, the interest rates begin at 12%, with a minimum borrowing amount of $75,000 and a maximum of $2 million. The…