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Japanese Corporation Begins Offering Loans Secured by Cryptocurrency

June 3, 2018 |

Japanese Corporation Begins Offering Loans Secured by Cryptocurrency

An established Japanese corporation has begun offering loans secured by cryptocurrency. The company says this is the first service in Japan where loans in Japanese yen can be obtained with cryptocurrency as collateral.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Loan Program

Japanese Corporation Begins Offering Loans Secured by CryptocurrencyAbic Corporation announced Friday the launch of its bitcoin loan service. “From June 1, we offer loans with virtual currency bitcoin (BTC) as collateral,” the company’s announcement reads.

Founded in 1973 and headquartered in Tokyo, Abic Corporation offers a broad range of secured loan products including commercial and real estate loans.

“In Europe and the United States, services that provide ICOs [Initial Coin Offerings] and loans are increasing, with virtual currency as collateral such as bitcoins,” the company wrote, elaborating:

Bitcoin secured loan is a service where [customers] can receive loans using bitcoin as collateral as its name implies, but it is Japan’s first service to receive [crypto-secured] loans in Japanese yen.

Japanese Corporation Begins Offering Loans Secured by CryptocurrencyOne major benefit of obtaining this type of loan is that, in Japan, “In the case of individuals, if you sell your own virtual currency, the [capital] gains on that sale will be miscellaneous income and will be subject to progressive taxation,” the company explained. This tax can be as high as 55%.

Emphasizing that its crypto secured loans give customers access to funds without having to sell their crypto, the company urges customers to use its crypto secured loans “for a wide range of purposes such as new virtual currency purchases, [and] tax payments.”

Recently, news.Bitcoin.com reported on Japan’s National Tax Agency revealing that 331 taxpayers with 100 million yen (~US$ 914,000) or more in miscellaneous income, excluding pension income, declared cryptocurrencies in the year 2017.

Loan Terms

Japanese Corporation Begins Offering Loans Secured by CryptocurrencyThe crypto secured loans by Abic Corporation are available for both businesses and individuals. The loan amounts are between 2 million (~US$ 18,260) and 1 billion yen (~$ 9.13 million) with annual interest rates ranging from 2.98% to 15.0%.

Customers can borrow for a period of between one month and five years. Loans can be repaid in up to 60 installments with no prepayment fee. The delinquency charge is 20% annually.

The company detailed:

We will keep your [cryptocurrency] deposit and set the pledge…As a general rule, pledges are set in the virtual currency of the collateral, but it is possible to sell as soon as the market price rises.

Furthermore, the company assured that while holding bitcoins as collateral, customers will still receive any forked coins that may split off during that time. “Even if you receive loans with bitcoins as collateral, there is no worry that the right in division will be lost,” Abic reiterated. This week, news.Bitcoin.com reported on a group of lawyers preparing a class action lawsuit against crypto exchanges in Japan that do not grant their customers their forked coins.

What do you think of crypto-secured loans? Let us know in the comments section below.


Images courtesy of Shutterstock and Abic Corporation.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japanese Corporation Begins Offering Loans Secured by Cryptocurrency appeared first on Bitcoin News.

Bitcoin News

PR: MoneyToken to Give out Loans in Stablecoin from Goldman Sachs-Backed Circle

May 31, 2018 |

MoneyToken to Give out Loans in Stablecoin from Goldman Sachs-Backed Circle

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Following the announcement that Circle, a fintech startup backed by Goldman Sachs, plans to launch a stablecoin pegged to the U.S. dollar, the blockchain-based ecosystem MoneyToken has confirmed the listing of the stablecoin, Circle USDC, on its lending platform and decentralized exchange.

“USD-C is compliant and easy-to-cash-in alternative to Tether, and we expect a lot of requests from traditional and crypto business to add it as an option to our platform, I think that need was just in the air”
Alex Rass, co-founder of MoneyToken

MoneyToken is a worldwide blockchain-based financial services ecosystem, which provides opportunities for leveraging, borrowing and lending cryptocurrency assets. In early 2018 MoneyToken has announced strategic partnerships with several TOP-10 cryptocurrencies and was supported by founder of Bitcoin.com, Roger Ver, who has joined the MoneyToken’s advisory board.

USD-C is ERC-20 token based on the Ethereum network. Circle plans to offer USDC through Poloniex. It will also incorporate USDC in its social payments app and over-the-counter (OTC) trading desk.

Circle is a peer-to-peer payments technology company, which was founded in 2013 by internet entrepreneurs Jeremy Allaire and Sean Neville.

Circle has bought Poloniex exchange and was backed by $ 250,000,000 from Goldman Sachs, Bitmain, IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group and Pantera, along with new investors Blockchain Capital and Tusk Ventures.

There is no direct connection between MoneyToken’s founder Alex Rass and Circle’s CEO Jeremy Allaire, but so quick reaction probably means some connections in between or with Goldman Sachs, that is interested to integrate their USDC coin into existing crypto ecosystem.

Contact Email Address
james.hendersonmt@gmail.com
Supporting Link
https://moneytoken.com/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: MoneyToken to Give out Loans in Stablecoin from Goldman Sachs-Backed Circle appeared first on Bitcoin News.

Bitcoin News

Widely Quoted Expert on Student Loans Doesn’t Exist

April 26, 2018 |

You’d think it wouldn’t be too difficult to track down an expert on student loans who has been quoted in some of the nation’s biggest media outlets. It actually proved impossible because, as the Chronicle for Higher Education explains, Drew Cloud doesn’t exist. After more than a week of digging…
Newser

Defrauded Corinthian students get forgiveness on only part of their federal loans

March 19, 2018 |

The Department of Education has begun notifying some former Corinthian Colleges students that it will forgive only one-half or less of their federal student loans, even though the students were defrauded by the now-defunct schools.

The action is part of Education Secretary Betsy DeVos’ push to…


L.A. Times – Business

State fines lenders for pushing borrowers into high-cost loans

March 13, 2018 |

High-cost lender Advance America will pay refunds to hundreds of California customers after a state regulator accused the firm of charging illegally high interest rates topping 100%.

The action, announced Monday, comes a few months after the Department of Business Oversight took actions against…


L.A. Times – Business

California braces for battle with Trump administration over student loans

March 6, 2018 |

Ask Republican politicians how they feel about gun control, and they’ll say this is a matter for states to decide. “I think we need to respect federalism and respect local jurisdictions,” House Speaker Paul D. Ryan insisted just last week.

But ask Republicans about protecting people from being…


L.A. Times – Business

Major Pawnshop Network in Ukraine Launching Cryptocurrency-Secured Loans

March 5, 2018 |

Major Pawnshop Network in Ukraine Launching Cryptocurrency-Secured Loans

A major network of pawn shops in Ukraine is launching a new lending service with loans secured by cryptocurrency. With over 300 branches, the pawnbroker plans to offer loans based on the type, amount, and price of crypto collaterals.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

Pawn Shops Offer Crypto-Secured Loans

Major Pawnshop Network in Ukraine Launching Cryptocurrency-Secured LoansFounded in November 1992, Skarbnytsya claims to be “the first and largest non-state [network of] pawnshops in Kiev and Ukraine.” According to its website, the company has “millions of customers,” 1,200 employees, and currently operates more than 300 pawn shops, with “the highest standards in the non-bank lending market.”

Skarbnytsya announced last week that, in collaboration with its partners, the company will start offering loans secured by cryptocurrency. Its head of marketing department, Ivan Ipatov, commented:

The implementation of this project is due to the rapid development of crypto and blockchain in the world. Our clients will be able to use the money and, at the same time, receive income from the growth of cryptocurrencies in the future.

The Terms of the Loans

Skarbnytsya emphasized that it will make the process of obtaining crypto-secured loans “as simple as possible…without undue formalities.”

Major Pawnshop Network in Ukraine Launching Cryptocurrency-Secured LoansFor the approval process, the company says it will determine “the term and the amount of the loan” based on “the type and volume of the cryptocurrency” used as collateral. For each contract, its IT system will automatically factor in the amount of the cryptocurrency as well as its price. “This means that in the event of a price increase, an increase in the loan amount is possible,” the pawnbroker detailed. However, without fully disclosing the terms, Skarbnytsya wrote, “in case of a fall [in price], the borrower has sufficient time to decide on the future fate of their assets.”

Cryptocurrency owners can obtain loans in Ukrainian Hryvnia (UAH) for a period of up to 31 days, with the option to roll over the loans, the company elaborated, noting:

As soon as the debt on the loan is repaid, the entire amount of the cryptocurrency, which would have been transferred as collateral, is returned to the borrower in full.

Furthermore, Skarbnytsya stated that there will be no “additional commissions and hidden charges.”

What do you think of Skarbnytsya offering loans secured by cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Major Pawnshop Network in Ukraine Launching Cryptocurrency-Secured Loans appeared first on Bitcoin News.

Bitcoin News

Kushner Met With Finance Execs. Then Came 2 Big Loans

March 1, 2018 |

Another report calling into question Jared Kushner’s business ties is in the news. The New York Times reports that Kushner’s family business received two big loans from bankers after they met with Kushner at the White House. The first, a $ 325 million loan to Kushner Companies and a partner to…
Newser

Pricey personal loans would be outlawed by bill that would reshape state lending industry

February 16, 2018 |

California lawmakers are once again trying to cap the interest rate that lenders can charge on large personal loans, renewing an effort to eliminate the state’s flourishing market for super-expensive debt.

A bill introduced Thursday by Assemblyman Ash Kalra (D-San Jose) could dramatically reshape…


L.A. Times – Business

PR: Crypto Backed Loans Platform MoneyToken Has Announced the Private Sale

February 9, 2018 |

Crypto Backed Loans Platform MoneyToken

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

All of us were thrilled by the MoneyToken’s advances and successes recently.

During the last several months, the team has achieved a lot: applied for a crypto-backed loans patent, announced Amanda AI loan assistant, and finally – almost finished their MVP development.

The MoneyToken Private sale has started on February 7th at 15:00 UTC.
More then $ 100,000 were contributed during the first 10 hours. 1,87% of the total token supply will be distributed with +40% bonus during the Private sale.

To gain access to the Private Sale, all users should join the MoneyToken Whitelist

MoneyToken MVP is also expected to launch at the end of Q1 2018.

What is MoneyToken?
MoneyToken is a Blockchain-based Financial Ecosystem, which consists of:
MoneyToken lending platform that provides loans in fiat currencies or stablecoins, secured by collateral in BTC and ETH
MTC – MoneyToken’s own stablecoin
MoneyToken decentralized Exchange service

What problem does MoneyToken solve?
The problem has been obvious for some time – spending crypto assets today removes the ability of an investor to benefit from any future growth in value; investors who buy low need to hold on to their assets in order to benefit from selling high.

This is where MoneyToken steps in. The MoneyToken platform allows you to borrow liquid funds instantly, based on the current value of your cryptocurrency asset holdings. You take out a loan, collateralized with more volatile assets such as Bitcoin or Ethereum — and in return you receive an agreed loan amount in a stable currency. After the loan repayment, you will receive your whole collateral back, even if it has increased in value many times.

In the end, you’re able to acquire liquid funds, save your crypto position and stay in the investment game in the long run.

With MoneyToken, there is no reason to sell your BTC when you need liquid funds.

Telegram link: https://t.me/moneytoken
Bitcoin talk: https://bitcointalk.org/index.php?topic=2715866.0
YouTube: https://www.youtube.com/c/MoneyToken

Contact Email Address
james.hendersonmt@gmail.com
Supporting Link
http://moneytoken.com/#whitelist

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Crypto Backed Loans Platform MoneyToken Has Announced the Private Sale appeared first on Bitcoin News.

Bitcoin News