A new lending product from Xapo Bank allows qualifying members to access USD loans using their bitcoin holdings as collateral. This enables bitcoin holders to tap into the fiat value of their assets without having to sell.

Xapo Bank, a licensed bank focused on bitcoin services, launched bitcoin-backed lending this week. Eligible members can now take out loans up to $1,000,000 secured against their bitcoin.

Once approved, the loan funds are instantly deposited into the member’s bank account. The corresponding bitcoin is held in secure storage by Xapo until repayment. This allows members to retain their bitcoin long-term while borrowing against their current value.

Members can select…

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