A Japanese company listed on the Tokyo Stock Exchange is offering loans secured by three cryptocurrencies: BTC, BCH, and ETH. Clients can borrow up to 300 million yen (~$2.7 million) at varying interest rates. The company has also established a subsidiary overseas for its crypto business.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Loans Secured by BTC, BCH, ETH
A Japanese company listed on the Tokyo Stock Exchange has begun accepting applications for cryptocurrency-secured loans. Samurai & J Partners Co. Ltd. (TYO:4764) recently launched a loan program called Samurai Crypto Loan through its subsidiary, Samurai Asset Finance (Samurai).
The company explains that loans will be offered to crypto owners with BTC, BCH, or ETH as collateral. Customers will have access to funds in Japanese yen without having to liquidate their crypto positions. In Japan, liquidating cryptocurrencies could incur taxes of up to 55%, as news.Bitcoin.com previously reported.
Customers can borrow between 20 million yen (~US$179,000) and 300 million yen (~$2.7 million) for one year, with extensions. Interest rates for these loans range from 7.0% to 15.0%, including commissions and extension fees, Samurai details. The delinquency charge is 20% annually.
Founded in 1996, Samurai & J Partners, formerly known as Digital Design Co. Ltd., engages in the information service business globally. Samurai Asset Finance was established last year. In addition to crypto-secured loans, the company offers loans backed by real estate, securities, deposits, credits, movable properties, foreign currencies, memberships, and precious metals.
ICO Plan and Competition
Samurai first proposed to enter the crypto-secured lending business in May. The proposal was presented to and subsequently approved by its board of directors. The company has also established an overseas subsidiary to launch an initial coin offering (ICO). “We will conduct an ICO and expand our business scope,” Samurai announced at the time.
Recently another Japanese company, Abic Corporation, announced a loan program secured by BTC. Abic’s loan terms range from 2 million yen (~US$18,260) to 1 billion yen (~$9.13 million) with annual interest rates ranging from 2.98% to 15.0%. Customers can borrow for a period of one month to five years; the delinquency charge is 20% annually.
Last week, crypto financial services platform Libra Credit partnered with Binance Labs, the investment arm of Binance, to “lend fiat and crypto denominated assets to users who pledge BNB [binance coin] as collateral,” the firm detailed.
What do you think of Samurai offering loans secured by BTC, BCH, and ETH? Let us know in the comments section below.
Images courtesy of Shutterstock and Samurai & J Partners.
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Source : Digital Asset