A company in Japan which is listed on Tokyo Exchange is reportedly offering loans up to 300 million yen (~$2.7 million) secured by Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). The interest rates for the loans will vary.
According to Bitcoin.com report, Japanese Public Company, Samurai & J Partners Co. Ltd., has established a subsidiary overseas for its crypto business. They launched a loan program known as Samurai Crypto Loan through its subsidiary – Samurai Asset Finance. This will allow the Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH) owners to access funds in Japanese yen without liquidating their crypto positions. This might come as a relief to crypto holfders since liquidating cryptocurrencies could incur taxes of up to 55%.
For one year, the customers owning Bitcoin (BTC), Ethereum (ETH) or Bitcoin Cash (BCH) can borrow between 20 million yen (~US$179,000) and 300 million yen (~$2.7 million), extensions are available. Interest rates range from 7.0% to 15.0%, it includes commissions and extension fees. And, delinquency charge is 20% annually.
The proposal of crypto-secured lending business was made by the company in May. The proposal was presented to its board of directors and later was approved by them. Reportedly, the company also has established an overseas subsidiary to launch an initial coin offering (ICO). At that time, Samurai announced, “We will conduct an ICO and expand our business scope.”
Japanese Public Company, Samurai & J Partners, was founded in 1996. I was earlier known as Digital Design Co. Ltd. It engages in the information service business all over the world.This is, however, not the first company in Japan to offer this. Recently another Japanese company known as Abic Corporation also announced they’ll be offering loans secured by Bitcoin (BTC). The company allows customers to borrow from 2 million yen (~US$18,260) to 1 billion yen (~$9.13 million). The annual interest ranges from 2.98% to 15.0%. The money can be borrowed for a period of one month to five years and the delinquency charge is 20% annually.
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