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Japanese lender CRYL launches bitcoin-backed loans up to $6.2 million

The loans are priced at 3.5% to 7% annually, require 40% to 60% BTC collateral ratios, and run for one year with lump-sum repayment.

Reported · Written up by our desk · Market Structure

Cointelegraph reports that Japanese lender CRYL has launched bitcoin-backed loans of up to 1 billion yen, about $6.2 million, aimed at individuals and businesses that want fiat funding without selling their BTC.

Borrowers can access between $6,200 and $6.2 million at annual rates of 3.5% to 7%. The product uses BTC as the only collateral and sets collateral ratios between 40% and 60%, with loan terms of one year.

CRYL said the funds can be used for expenses including taxes, business funding, and property purchases. The company also said applicants must undergo screening, and most loans use a lump-sum repayment structure with principal and interest due after one year.

The launch expands Japan’s regulated crypto-backed financing options. Cointelegraph notes that Fintertech, a Daiwa Securities Group and Credit Saison joint venture, already lends up to about $3 million against bitcoin or ether, and that Metaplanet Securities, JPYC and Progmat have announced a study into using BTC for collateral or credit enhancement.

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