You can now pledge Bitcoin loans! The encryption-friendly bank Xapo offers a maximum limit of $1,000,000. Who is eligible?

Gibraltar-based cryptocurrency-friendly bank Xapo is launching a Bitcoin-backed U.S. dollar loan service that allows eligible users to receive a loan line of up to $1 million. (Synopsis: Wall Street enters bitcoin borrowing" Trump Chief Business Corporation Cantor provides tens of billions of magnesium "BTC mortgage loans", his own son once worked for Tether) (Background supplement: Bitcoin repayable loans, card bonds!) Salvadoran banks Cuscatlan and Agricola accept payments in BTC) According to Cointelegraph reported later yesterday (18th), Gibraltar-based cryptocurrency-friendly bank Xapo is launching a bitcoin-backed US dollar loan service, eligible users can get up to $1 million in loan lines. Banks do not re-pledge users' bitcoins According to Xapo, once a user's bitcoin is loaned as collateral, it will be stored in its bitcoin vault and used an institutional-grade escrow service. At the same time, Xapo emphasized that the bank does not re-mortgage the bitcoins pledged by users, that is, the loan mechanism it designs does not involve the reuse of customers' bitcoin assets. In addition, eligible users can have a variety of repayment options, which are 30 days, 90 days, 180 days, and 365 days, and allow early repayment. It is worth mentioning that like centralized exchanges, Xapo emphasizes that if the price of bitcoin falls, users will be notified immediately and will be allowed to choose to increase the guarantee or make partial repayment to maintain the loan status and will not be actively liquidated. Who is eligible for a loan? First of all, Xapo CEO Seamus Rocca said that the loan product was first launched for long-term bitcoin holders, who often want to hold bitcoin while also being able to access cash liquidity. At the same time, regionally, perhaps for regulatory reasons, the product will first be available to European and Asian investors, excluding US residents. In this regard, Seamus Rocca said in an interview: Unlike traditional assets, Bitcoin is an ideal form of collateral – it is borderless, highly liquid, available around the clock and easy to divide, making it particularly suitable for lending. Today's borrowers are more cautious, preferring platforms with a proven track record in Bitcoin custody and platforms that offer secure, transparent solutions – especially those that don't involve double collateralization. At the same time, demand for bitcoin-secured loans is on the rise, especially among high-net-worth individuals and institutional investors seeking liquidity without selling bitcoin holdings. Xapo Bank Background Xapo Bank is a global cryptocurrency-friendly bank headquartered in Gibraltar dedicated to providing cryptocurrency-related financial services to its customers. Originally known for its secure Bitcoin wallets and cold storage solutions, Xapo has since grown into a full-fledged banking institution offering multiple services including deposits, payments, and loans. Xapo Bank is regulated by the Gibraltar Financial Services Commission to ensure that its operations meet strict financial standards. In 2024, Xapo successfully extended its banking license to the UK, allowing its services to enter the UK market and provide convenient financial services to customers through its Xapo Banking app. Related Stories Shenyu Article" MicroStrategy MSTR's Bitcoin Leverage Game: Who Takes the Risk, Who Profits? British man digging garbage dump to find 8,000 bitcoins lawsuit dismissed: will seek last resort through the International Bill of Human Rights: Bank of Korea: Bitcoin has not been considered for inclusion in the national reserve, "too volatile" needs to be carefully evaluated "Collateralizable bitcoin loan! Crypto-friendly bank Xapo offers up to $1 million, who is eligible? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".