Finder: Search and Compare Bitcoin Lending Platforms and Products

Global Access with restrictions:
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Jurisdictions{The official power to make legal decisions and judgments.} ineligible include those where citizenship, permanent residency, tax residency, or location applies in Cuba, North Korea, Iraq, Iran, Puerto Rico, Somalia, Syria, Sudan, territories occupied by the Russian Federation, or any state, country, territory, or other jurisdiction embargoed by the United Nations, the United States of America, or the European Union.

KYC{KYC stands for Know Your Customer. It is a process used by financial institutions, and other businesses, to verify the identity of their clients and assess the potential risks associated with those clients. This helps prevent fraud, money laundering, and other financial crimes.} requirements vary depending on the Lender. All offers without KYC are labeled accordingly.

• Non-custodial Lending* - Multi-Party Custody: Debifi provides a 3-out-of-4 multi-signature escrow wallet, meaning three signatures are required to authorize any transaction, ensuring consensus among parties and safeguarding Bitcoin collateral.
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• Key Distribution: Keys are held by the borrower, lender, Debifi, and the authorized keyholder (separate company that has been granted the authority to act as an additional key in certain situations), preventing any single party from unilateral control over the collateral.
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• Open-source Key Generation: The key generation process within the Debifi app is open source, making it transparently verifiable.
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• Escrow Process: Upon loan initiation, the borrower’s bitcoin is secured in a unique multisig escrow wallet (P2SH address) on the Bitcoin blockchain. Release of funds requires agreement from three of the four keyholders, ensuring no action can proceed without mutual consent.In addition parties can easily check that bitcoin is kept in the escrow and is not moving.
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• Custom Key Usage: The loan initiation process allows selection of a key from Debifi’s secure app storage or a supported hardware wallet (currently, Coldcard MK4 and ColdHodl).

• Loan Lifecycle: Throughout the loan term, collateral remains locked in the multisig wallet. Upon repayment, funds are released back to the borrower with full transparency. In case of disputes, Debifi utilizes its key to mediate as a neutral party.
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• Protection Mechanism: The system is designed to prevent unauthorized access or scams, as neither the borrower nor the lender can unilaterally move funds. Forced liquidation allows the lender to claim collateral only under predefined conditions, with Debifi stepping in during disputes.
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• Security Protocol: All actions are signed using private keys generated on a separate device app, enhancing security. Debifi does not store collateral but facilitates a 3-out-of-4 multisig solution with distributed key management.
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• Blockchain Integration: Each lending contract generates a unique multisignature address on the Bitcoin blockchain, where collateral is held until loan completion. Funds are released only upon mutual agreement or, in disputed cases, through Debifi’s mediation.
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• Risk mitigation:
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1. Counterparty risk is reduced by allowing borrowers to maintain control of their Bitcoin, meaning the collateral is locked but not held by Debifi. 
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2. The 3-of-4 multisig system requires three of the four parties to sign any transaction involving the collateral, eliminating single points of failure and minimizing the risk of unauthorized access or theft.
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3. No collateral rehypothecation: prevents mismanagement and platform insolvency by not reusing Bitcoin collateral, avoiding over-leveraging and fractional reserve risks.
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4. Collateral Recovery: Should Debifi become unavailable, the collateral can be retrieved using a freely available extraction tool, requiring coordination among the lender, borrower, and authorized key holder. No vendor lock-in exists.

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* Note that, in the Bitcoin Lending domain, non-custodial is not synonymous with self-custodial—otherwise, the collateral would not be pledged as a guarantee—but literally means that the lending platform is not custodial, i.e., it does not act as a custodian, and instead relies on collaborative custody multi-sig based systems/escrow, or other smart contract-based protocols. Therefore, in non-custodial lending, the borrower retains self-custody of one key but inevitably shares collateral custody under specific pre-agreed and signed loan conditions. This is why Coinlateral invites and supports you in understanding the loan terms and risks.

Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:
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• 2 Keys Loss Risk: Entailing multisig lockout and collateral freeze risk.
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• Protocol Hack Risk: exploitation of vulnerabilities in smart contracts or multisig implementation, potentially allowing an attacker to bypass the 3-of-4 signature requirement and drain the collateral.
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• Collusion Risk: Two or more of the four parties colluding to override the multisig controls, potentially unlocking the collateral without the consent of the remaining parties. The 3-of-4 design reduces but doesn’t eliminate this possibility.
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• Oracle Error or Manipulation Risk: When the platform uses oracles for price feeds or liquidation triggers, attackers could manipulate these external data sources to force unfair liquidations or prevent legitimate ones. 
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• User Error Risk: Even with a robust system, users losing keys to phishing or mismanaging permissions can undermine security, a human factor that persists despite technical safeguards.
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Liquidation risk: This is not a risk specific to BTC-backed loans but applies to any financial leveraged operation. This risk can be mitigated and managed with a conservative LTV and a re-collateralization plan (always use only a fraction of BTC holdings as collateral to reduce risk and stress upfront).

LTV Thresholds & Actions:

• Margin Call at 75%, 80%, 85%  LTV, with option to increase collateral or partially repay debt to maintain the required LTV ratio.
• 90% LTV: Forced Liquidation Alert – Trigger for potential collateral liquidation.

Forced Liquidation (5% fee) applies if Bitcoin’s price fluctuations affect collateral and the LTV ratio falls below what is agreed in the contract, and meanwhile, there have been no attempts from the borrower to either increase the collateral amount or repay part of the debt to keep the LTV ratio at the required level.

In case the LTV ratio has dropped to 90%,  Lender, Borrower and Authorized Keyholder will be informed about the start of a Forced Liquidation procedure.

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Borrowers can manually top up their bitcoin collateral without incurring any extra fees. Any gain in the value of collateral is borrowers to keep. The borrower only ever owes the loan amount, which is pre-determined and not affected by the price of bitcoin.

Email

Majuro, Isole Marshall (WAGMI LTD., reg. 115362)
Lugano, Switzerland (Debifi SA, reg. CH-501.3.024.140-7)
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Available to US residents in all states except Hawaii (HI) and Texas (TX).

• BTC HELOC

• BTC-backed loans

Custodian: Anchorage Digital Bank
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BTC is held as collateral in a decentralized multi-party computation wallet.
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• Collateral Deposit Process: A unique wallet address is assigned for depositing required bitcoin collateral directly with the qualified custodian, Anchorage, specific to the loan.‍

• Keys segregation: Private keys are stored separately, ensuring bankruptcy-remote collateral.

• Verifiable Proof: Existence and control are provable via cryptographic proofs or audit reports.‍

• Regulatory Compliance: Anchorage Digital Bank, with a U.S. OCC charter, holds SOC 1 and SOC 2 Type II certifications for security, confidentiality, and privacy.
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Risk mitigation

• Industry insurance safeguards assets throughout their custodial lifecycle.

• No rehypothecation: Figure states that collateral is not reused or lent out, preventing mismanagement and insolvency risks.

Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:

Counterparty risk, including: 

• Key Loss Risk - potentially locking Bitcoin funds in escrow or custody setups.
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• Platform Hack Risk - a breach in custodian’s systems could allow hackers to steal collateral or user funds.
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• Operational Error Risk - Mistakes in loan processing or collateral handling by custodians could lead to unintended fund locks or losses.
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• Reliance on external partners (e.g., custodians or auditors) exposes to the risk that these entities are compromised.

• ‍BTC Liquidation/Property Foreclose: If the Bitcoin price falls by more than 50%, the collateral is liquidated, and proceeds are applied to reduce the loan balance. The loan then transitions to a traditional HELOC secured by the property. Failure to make HELOC payments may result in foreclosure of the property, requiring repayment of only the remaining loan balance to minimize potential property impact.

If the Bitcoin collateral’s value falls below 50% of the outstanding balance, a portion is liquidated at market prices (with a 1% liquidation fee) to restore balance.

Collateral exceeding the credit limit may be withdrawn.

With no prepayment penalties

Email

All HELOCs are offered by Figure Lending LLC (NMLS ID 1717824).

Figure Lending LLC dba Figure. 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 819-6388.

Figure Markets - 650 California, Suite 2700, San Francisco CA 94108

Figure Lending LLC holds licenses as a mortgage lender and finance lender, regulated by US authorities such as the Department of Financial Protection and Innovation and the NJ Department of Banking and Insurance.

Firefish P2P lending is available for users from EU, UK and Switzerland. Professional marketplace is available globally.

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• Marketplace loans: fixed-rate loans matching borrowers' demand with lenders' offers: borrowers set loan amount, interest rate, and term; once listed, the platform matches the request with an investor, who funds the loan upon agreement.

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• Instant Loans: fixed-rate instant loans at pre-defined terms by the lenders. 

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Collateral Management System

• Multi-Signature Escrow: Bitcoin collateral is secured in a multisignature address on the Bitcoin blockchain, requiring signatures from borrower, lender, and Firefish to authorize transactions. 
• Non-custodial*: Firefish does not hold funds; collateral remains in an on-chain escrow, preventing direct access by any party.
• Escrow Process: Upon loan agreement, Bitcoin is locked via Partially Signed Bitcoin Transactions (PSBT). Funds are released only when predefined conditions (e.g., repayment or liquidation) are met, ensuring mutual consent. The escrow is generated by the borrower to ensure transparency.
• Borrower Keys Management: The Borrower uses two types of keys within the protocol: 1) B represents a key pair fully controlled by the Borrower (such as stored on a hardware wallet). All outputs of the escrow designated for the Borrower are directed here. 2) Key B-EPH, which represents an ephemeral key pair created in the Firefish app and used for signing during the contract setup.
• Recovery Mechanism: A pre-signed recovery transaction allows borrowers to reclaim collateral after loan maturity (~30 days) if Firefish becomes unavailable, reducing vendor lock-in.

Security

• Blockchain Transparency: All transactions are recorded on the Bitcoin blockchain, ensuring traceability and verifiability.
• Audited Code: The protocol underwent a thorough review by Ackee Blockchain and Bitcoin experts.
• Protection Mechanism: In case of default, collateral transfers to the lender. The multisig contract prevents unauthorized access, reducing risks of mismanagement or rehypothecation.
• Oracle Integration: Firefish provides oracle services for price feeds and liquidation triggers in the current release, ensuring accurate loan management.

Risk Mitigation

• Counterparty Risk: The non-custodial escrow and multisig system reduces reliance on centralized entities.
• No Rehypothecation: Collateral is not reused, preventing over-leveraging or platform insolvency.
• Collusion risk: happens if two or more (e.g., lender and escrow, or borrower and escrow) conspire to unlock collateral without the third’s consent, like faking a default or early withdrawal. Firefish mitigates this with a neutral escrow, pre-signed recovery transactions with a time-lock, and the 3-of-3 requirement, making collusion harder.
• Recovery Mechanism: mitigates vendor lock-in risk by allowing you to reclaim your Bitcoin collateral via pre-signed transactions if Firefish becomes unavailable, such as in case of service disruption or failure.
• Conservative LTV: A 50% Loan-to-Value ratio lowers liquidation risk.

* Note that, in the Bitcoin Lending domain, non-custodial is not synonymous with self-custodial—otherwise, the collateral would not be pledged as a guarantee—but literally means that the lending platform is not custodial, i.e., it does not act as a custodian, and instead relies on collaborative custody multi-sig based systems/escrow, or other smart contract-based protocols. Therefore, in non-custodial lending, the borrower retains self-custody of one key but inevitably shares collateral custody under specific pre-agreed and signed loan conditions. This is why Coinlateral invites and supports you in understanding the loan terms and risks.

Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:

• Key Loss Risk: Losing access to private keys may lock collateral in the multisig address.
• Protocol Hack Risk: Potential vulnerabilities in the multisig implementation could be exploited.
• Collusion Risk: Some parties colluding to override the multisig controls, potentially unlocking the collateral without the consent of the remaining parties. 
• Oracle Error Risk: Inaccurate or manipulated price feeds could affect liquidation triggers.
• Collusion risk: happens if two or more (e.g., lender and escrow, or borrower and escrow) conspire to unlock collateral without the third’s consent, like faking a default or early withdrawal. Firefish mitigates this with a neutral escrow, pre-signed recovery transactions with a time-lock, and the 3-of-3 requirement, making collusion harder.
• User Error Risk: Even with a robust system, users losing keys to phishing or mismanaging permissions can undermine security, a human factor that persists despite technical safeguards.
• Liquidation risk: This is not a risk specific to BTC-backed loans but applies to any financial leveraged operation. This risk can be mitigated and managed with a conservative LTV and a re-collateralization plan (always use only a fraction of BTC holdings as collateral to reduce risk and stress upfront).

Margin calls are triggered at LTV levels of 80%, 85%, and 90%. Liquidation occurs at an LTV of 95% and a collateral health indicator (CHI) of 0%, with the liquidation price displayed in loan details.

In case of significant Bitcoin price declines, borrowers may add collateral via the platform’s “Top-up collateral” option or repay the loan. Partial repayments do not affect the LTV ratio.

If the loan is not repaid at maturity, collateral is transferred to the liquidator (investor or Firefish), who sells a portion to settle the loan, returning the remainder to the borrower after a 5% liquidation fee.

 Excess collateral withdrawal not allowed.

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Email

Instant loans are offered by Firefish Peer Servicing s.r.o. ID No. 56 481 748, based at Lazovná 20, 974 01 Banská Bystrica, Slovakia, registered in the Banská Bystrica District Court, section Sro, Insert No. 50102/S.

Firefish Europe s.r.o. operates and provides Firefish services, including the website, Firefish App, Firefish Invest, Firefish Borrow, and related services such as escrow setup, Bitcoin collateral escrow, and liquidation exchange. It is based at Lazovná 20, 974 01 Banská Bystrica, Slovakia, registered with the Banská Bystrica District Court, section Sro, Insert No. 47958/S.

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No penalties or additional charges.

Loan extension is possible by paying a one-time extension fee.

Lava Card

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Email

Lava Global Inc

Global. Ineligible jurisdictions:
US: California, Connecticut, Hawaii, Louisiana, Nevada, New York, North Dakota, South Dakota, Tennessee, Vermont, Washington, Washington D.C.
Canada: New Brunswick, Nova Scotia, Saskatchewan, Quebec.
Afghanistan, Albania, Armenia, Azerbaijan, Bangladesh, Belarus, Benin, Botswana, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Central African Republic, Democratic Republic of the Congo, Cuba, Eswatini, Eritrea, Ethiopia, Ghana, Guinea, Guinea Bissau, Haiti, Iran, Iraq, Jamaica, Jordan, Kazakhstan, Kyrgyzstan, Lebanon, Liberia, Libya, Madagascar, Mali, Mauritania, Mauritius, Mongolia, Morocco, Mozambique, Myanmar, Nepal, Nicaragua, Niger, North Korea, Pakistan, Palestinian Territories, People's Republic of China, Republic of the Congo, Réunion, Russia, Rwanda, Senegal, Sierra Leone, Somalia, Sri Lanka, Solomon Islands, South Sudan, Sudan, Syria, Tajikistan, Tanzania, Timor-Leste, Tonga, Trinidad & Tobago, Turkmenistan, Tunisia, Uganda, Ukraine, Uzbekistan, Vanuatu, Western Sahara, Yemen, Zambia, Zimbabwe.

Custodied Loans: collateral is posted to an institutional USD funding partner, being a bank and/or credit fund, and held in custody. Ledn does not have the right to lend out collateral to institutions to generate interest.

Collateral custody options:
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‍Custodied Loans: collateral is posted to an institutional USD funding partner, being a bank and/or credit fund, and held in custody. Ledn does not have the right to lend out collateral to institutions to generate interest.
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Collateral Security and Transparency
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• SOC 2 certified: Ledn has achieved SOC (Service Organization Control) 2 Type 2 certification.The audit is based on five Trust Service Criteria: Security, Availability, Processing Integrity, Confidentiality, and Privacy.

• Proof-of-reserves attestation: an independent public accountant reviews Ledn's client asset balances, including its lending, and custodial balances at a point in time, to ensure that the company is properly accounting for client assets.

• A unique anonymized hash ID for every client reference number and for every new attestation is created by Ledn. This hashed ID is matched with each account's balances for the attestation. The unique hashed ID is then provided to each client with a balance, so that they can verify their balance was included in the attestation on the public accountant's website.
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Risks mitigation
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• No rehypetation.

• Auto Top-Up feature: Eliminates the need for manual monitoring and management of open loans during high price volatility, automatically adjusting the LTV (from 70% to 50%) by transferring funds from the Transaction Account to the collateral wallet address.

• Encryption: Ledn uses HTTPS and AES-256 encryption.

• Custodied Loan collateral is not subject to the credit risk associated with the rehypothecation of Standard Loan collateral.

• Redundancy and Recovery: Ledn collaborates with custodial partners that implement multi-signature wallets and access protocols to ensure asset continuity even in critical situations. Clients can enable Two-Factor Authentication (2FA), safelisting, and confirmation video calls for withdrawals.

Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:
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Counterparty risk, including: 

• Key Loss Risk - potentially locking Bitcoin funds in escrow or custody setups.
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• Platform Hack Risk - a breach in custody systems could allow hackers to steal collateral or user funds.
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• Operational Error Risk - Mistakes in loan processing or collateral management could lead to unintended fund locks or losses.
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• Reliance on external partners (e.g., custodians or auditors) exposes to the risk that these entities are compromised.

Liquidation risk: This is not a risk specific to BTC-backed loans but applies to any financial leveraged operation. This risk can be mitigated and managed with:
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• A conservative LTV and a re-collateralization plan (always use only a fraction of BTC holdings as collateral to reduce risk and stress upfront).
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• Enabling Automatic Top-up on Ledn loan settings.

An email notice will be sent when a loan’s LTV exceeds 70%, prompting the addition of more collateral. Additional email reminders will follow, including if the loan’s LTV reaches 75%.

Action Required:

• Top-Up or Repay: Additional collateral must be deposited, or the loan must be repaid fully or partially.
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• Automatic Liquidation: If the LTV surpasses 80%, Ledn will automatically sell a portion of the collateral to cover the outstanding loan.

Excess collateral is redeemable on the condition that loan must be active for more than 60 days and have an LTV below 30%, able to bring the loan's LTV back to the target LTV of 40%.

B2X

B2X is a lending product designed to accelerate bitcoin stacking. It offers a loan automatically allocated to acquire additional BTC, with both the initial and purchased Bitcoin serving as collateral for the loan.

Functionality

• Bitcoin Collateral: Clients with a BTC balance in their transaction account receive a loan, which is used to purchase more BTC.
• Doubling Holdings: The loan funds are applied to buy an equivalent amount of BTC, effectively doubling the client’s Bitcoin position.
• Loan Currency: The loan principal is denominated in USD.
• Loan Duration: Fixed 12-month term.

Terms

• Interest Accrual: Interest accumulates daily and is payable only upon loan closure.
• Administrative Fee: A 2% fee may be applied at loan origination.
• Collateral Handling: B2X loans utilize Standard Loan collateral treatment (see "Loan Programs" section above).
• Flexible Repayment Options: Loans can be repaid anytime within the 12-month term using BTC, USDC, or wire transfer.

Availability of B2X varies based on the client’s place of residence. 
Not available in the U.S. and Canada.

Email, dedicated Relationship Manager for Ledn Private Wealth clients.

Ledn Cayman SEZC Inc., registered as a Virtual Asset Service Provider (VASP) with the Cayman Islands Monetary Authority (CIMA), holds registration number #1976951. Its registered office is at 90 North Church Street, 4th Floor, Strathvale House, George Town, Grand Cayman KY1-9012, Cayman Islands.

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Global access.

Lendasat provides access to a P2P lending marketplace, offering MultiSig-secured loans during the current Closed Beta, with plans to offer Discreet Log Contracts (DLCs)-secured loans.

Fiat loans can be issued to a bank account provided by the partner Bringin or to a Virtual Visa Debit Card offered by the partner Moon.

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KYC registration is required for most fiat loans.

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The Lendasat lending protocol is designed to implement Discreet Log Contracts (DLCs) on the Bitcoin blockchain as the collateral management mechanism, providing borrowers and lenders with a trustless and disintermediated process for interaction, as an alternative to the escrow model.
‍The DLC-based solution is not currently implemented in the closed Beta; therefore, the following describes the current collateral management transition system and the system that will replace it.

Collateral Management System :

• Beta Multisig Configuration: In the closed Beta phase, Lendasat deploys a 2-of-3 multisignature (P2SH) contract as a provisional security layer, pending full DLC deployment (view point 3). Keys are cryptographically distributed across the borrower, lender, and Lendasat, requiring two signatures for transaction authorization. This interim setup complies with NIST SP 800-57 security standards, with a planned migration to DLCs to leverage enhanced oracle-driven flexibility.
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• Key Management Protocol: Collateral access is governed by a distributed key management system, where private keys are held by the borrower, lender, and Lendasat. 
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• DLC-Based Architecture (currently in development for future implementation):

A DLC-based collateral management system to achieve further disintermediation and security layer compared to the multi-signature escrow system. DLCs utilize Schnorr signatures and off-chain oracle attestations to enforce contract conditions (e.g., loan repayment thresholds or liquidation events), locking collateral in a trustless environment. Each DLC is instantiated with a unique funding transaction and payout scripts, ensuring atomic settlement without intermediary custody.
‍ DLCs employ a hash time-locked contract (HTLC)-like structure, with collateral locked via OP_CHECKLOCKTIMEVERIFY (CLTV) and OP_CHECKSEQUENCEVERIFY (CSV) opcodes, ensuring funds are released only upon consensus or oracle-validated outcomes.

• Marketplace Liquidity Engine: The platform integrates a competitive P2P liquidity model, optimizing price discovery through real-time order matching. A fiat-onramp for non-Bitcoin-native investors enables participation via SEPA transfers, with collateral management abstracted through DLCs to eliminate direct wallet interactions.

• Lendasat offers an audit and downloadable software: https://github.com/lendasat/doomsday‍
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Risk Mitigation: 

• No collateral rehypothecation: prevents mismanagement and platform insolvency by not reusing Bitcoin collateral, avoiding over-leveraging and fractional reserve risks.
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• The tripartite keys control prevents single-point failures.
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• Dispute resolution is facilitated by oracle-signed DLC outcomes, with Lendasat’s role limited to network mediation, ensuring fund integrity without exposure to platform solvency risks.

• ‍‘Doomsday’ recovery tool ensures Bitcoin and loan funds remain secure even in a doomsday scenario — such as the failure, disappearance, or inaccessibility of the platform for any reason — allowing users to recover assets independently.

Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:
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• Keys Loss Risk: Entailing Multisig Lockout and Collateral Freeze Risk.
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• Protocol Bug and Hack Risk: exploitation of vulnerabilities in smart contracts or multisig implementation, potentially allowing an attacker to drain the collateral.
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• Oracle Error or Manipulation Risk: When the platform uses oracles for price feeds or liquidation triggers, attackers could manipulate these external data sources to force unfair liquidations or prevent legitimate ones. 
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• User Error Risk: Even with a robust system, users losing keys to phishing or mismanaging permissions can undermine security, a human factor that persists despite technical safeguards.
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• ‍Liquidation risk: This is not a risk specific to BTC-backed loans but applies to any financial leveraged operation. This risk can be mitigated and managed with a conservative LTV and a re-collateralization plan (always use only a fraction of BTC holdings as collateral to reduce risk and stress upfront).

Forced liquidation process at LTV ≥ % 95%
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4% liquidation fee applied
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Margin Call at LTV ≥ 80 and 85%.

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Additional collateral exceeding the minimum TVL required by the lender in their offer can be provided. Extra collateral may be added at any time during the loan term.

Early repayment not permitted.

An extension of the loan may be requested, provided it is with the same lender who issued the original loan and subject to their available open offers.

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Moon Visa Card

Non-KYC Virtual Visa Debit Card

The lender releases the loan amount to Moon, the Lendasat’s partner provider of the Virtual Visa Debit Card.

Fee: 1% fee on all purchases

Maximums:

- Up to $4,000 USD per month with a Virtual Card (except for U.S. residents).

- U.S. residents can only spend up to $1,000 on a single card, but can spend up to $4,000 per month across all Virtual Cards.

- Up to $10,000 can be loaded onto a Virtual Card in one transaction, per day.
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Apple Pay, Google Pay or Samsung Pay mobile wallets not supported (upcoming). 
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Restrictions: The card may be declined by merchants billing from or located in: Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Burkina Faso, Cameroon, Central African Republic, China, Crimea Region of Ukraine, Croatia, Cuba, Democratic Republic of the Congo, Donetsk People’s Republic Region of Ukraine, Ethiopia, Greece, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Kosovo, Lebanon, Libya, Luhansk People’s Republic Region of Ukraine, North Macedonia, Mali, Moldova, Monaco, Montenegro, Montserrat, Mozambique, Myanmar/Burma, Namibia, Nicaragua, Nigeria, North Korea/Democratic People’s Republic of Korea, Panama, Philippines, Romania, Russia, Senegal, Serbia, Slovenia, Somalia, South Africa, South Sudan, Sudan, Syria, Tanzania, Tunisia, Turkey, Ukraine, Venezuela, Vietnam, Yemen, Zimbabwe.)

Email / Discord / Nostr

Global

Documentation typically includes government-issued identification, proof of address, and, where applicable, corporate registration and beneficial ownership details. KYC approval is a prerequisite for loan initiation, collateral deposit, and fund release.

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• Custodial Structure: Loan My Coins facilitates Bitcoin-for-Bitcoin lending through Meanwhile Insurance Bitcoin Ltd., regulated by the Bermuda Monetary Authority. Collateral is deposited directly on-chain in segregated wallets. Each loan is tracked individually by Satoshi ID, ensuring that pledged collateral is identifiable and auditable.

• Settlement Process: Loan initiation requires the transfer of Bitcoin collateral to a segregated wallet. In return, the borrower receives 95% of the collateral value in Bitcoin immediately, with a 5% fee deducted upfront. Settlement occurs wallet-to-wallet without reliance on pooled accounts or exchange-based infrastructure.

• Collateral Control: The staked Bitcoin is held under Meanwhile’s legal framework and remains segregated from other client assets.

• No rehypothecation is permitted; pledged Bitcoin is not reused, lent out, or pooled.

• Loan Lifecycle: Throughout the loan term, collateral remains segregated and recorded on the Bitcoin blockchain. Upon repayment of the original principal in Bitcoin, collateral is returned to the borrower. In the event of non-repayment, Meanwhile Insurance Bitcoin Ltd may retain the pledged Bitcoin as fulfillment of the agreement. 

• Protection Mechanism: The model eliminates margin calls and liquidation events by fixing terms at initiation. The borrower holds the loan proceeds upfront, minimizing counterparty risk. Enforcement of agreements is carried out under New York law, providing legal recourse in disputes.
• Blockchain Integration: Each loan involves a unique, on-chain wallet transaction, visible and verifiable on the Bitcoin blockchain. Tracking at the satoshi level allows collateral to be independently audited.

• Jurisdictional Oversight: Collateral arrangements are subject to Bermuda Monetary Authority regulation, with legal enforcement under New York law. This dual framework establishes clarity in both financial regulation and legal enforcement.

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Risk Mitigation

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• Segregated Collateral: Bitcoin pledged as collateral is held in segregated wallets, tracked individually at the satoshi level, ensuring it is not pooled or rehypothecated.

• Upfront Loan Settlement: Borrowers receive loan proceeds in Bitcoin at initiation, reducing exposure to counterparty default by holding usable assets immediately. Ff the collateral were lost, the borrower already holds the loaned Bitcoin upfront. In that case, the counterparty bears the failure risk, not the borrower. This is part of why the product is described as having minimal counterparty risk

• ‍Regulatory Oversight: Loan issuance is conducted by Meanwhile Insurance Bitcoin (Bermuda) Ltd., regulated by the Bermuda Monetary Authority, with legal enforcement under New York law to provide clarity in dispute resolution.

• No Margin Calls or Liquidations: Fixed terms at initiation eliminate risks tied to collateral value fluctuations, avoiding forced liquidations during market volatility.

• Simplified Attack Surface: The platform does not operate custodial aggregation, APIs, or pooled wallets, thereby minimizing technical vulnerabilities and limiting vectors for exploitation.

• Defined Refinance and Default Pathways: Loan continuation and default outcomes are predefined contractually, creating transparency and predictability in collateral treatment.

• On-chain Transparency: Blockchain-based tracking of collateral enables independent auditability, reinforcing accountability and reducing information asymmetry.

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Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:

• Counterparty Default Risk: Although the borrower receives Bitcoin upfront, repayment depends on the lender’s contractual adherence. Failure of the counterparty to honor return of collateral at maturity remains a residual risk.

• Breach of contract by the loan issuer: if repayment occurs and collateral is not returned, this would represent a breach of contract by the loan issuer. In that situation, the borrower would have recourse through the legal system, rather than relying on code-based enforcement.

• Collateral Retention Risk: In the event of non-repayment, pledged Bitcoin collateral may be retained by the loan issuer. Depending on jurisdiction, this outcome could also trigger a taxable disposal event.

• Regulatory Change Risk: Shifts in cryptocurrency regulation or taxation in the borrower’s jurisdiction could alter the enforceability or cost of loan structures, impacting long-term strategies.

• Operational Security Risk: While collateral is tracked by satoshi ID and not pooled, operational vulnerabilities such as key mismanagement, transfer errors, or internal process failures could lead to collateral loss or misallocation.

• User Investment Strategy Risk: A financial risk arises from deploying loan proceeds into assets or strategies that fail to outperform Bitcoin’s growth plus the fixed 5% annual fee, resulting in opportunity cost or potential underperformance relative to holding.

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• No liquidation: The loan structure does not include margin calls or liquidation mechanisms. Since loan proceeds are delivered in Bitcoin upfront and the collateral is held under fixed contractual terms, fluctuations in market value do not affect the loan-to-value ratio during the term. As a result, forced liquidation of collateral is neither planned nor necessary within this framework.

• ‍Enforcement Mechanism: Loan agreements are governed by New York law and enforced under the regulatory oversight of the Bermuda Monetary Authority. In cases of non-repayment, enforcement occurs through contractual retention of the pledged Bitcoin collateral by Meanwhile Insurance Bitcoin (Bermuda) Ltd. rather than through market-based liquidation. This legal mechanism replaces the need for operational liquidation processes and provides a defined resolution framework.

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Collateral remains segregated and locked for the duration of the loan term. Withdrawal is permitted only upon full repayment of the original collateral amount in Bitcoin, or upon exercise of the refinance option with the required additional pledge. No partial withdrawals are authorized during the active loan term.

Loan agreements allow repayment of the original collateral amount in Bitcoin prior to the scheduled maturity date. Early repayment results in the release of pledged collateral under the same contractual framework. The prepaid 5% fee, charged at loan initiation, is non-refundable, and no pro-rata adjustment is applied in the event of early closure.

Annual renewal: loan terms are set for a 12-month duration, with the possibility of annual renewal for up to five years. To extend a loan beyond the initial term, the borrower is required to pledge an additional 5% of the original collateral amount as a continuation fee. Renewal maintains the original loan-to-value structure, without triggering margin calls or liquidation events. If the refinance option is exercised, collateral remains segregated and recorded on-chain for the extended period under the same contractual and regulatory framework.

‍Default Scenario: If repayment or refinancing does not occur at maturity, the pledged collateral may be retained by Meanwhile Insurance Bitcoin (Bermuda) Ltd. in fulfillment of the agreement. This outcome constitutes a transfer of ownership of the staked Bitcoin under the contractual terms. From a regulatory and legal perspective, collateral retention is enforceable under Bermuda oversight and New York law. In applicable jurisdictions, such an outcome may also be treated as a taxable disposal of the staked Bitcoin, subject to local tax rules.

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Swapworth Pty Ltd trading as Loan My Coins (ABN 99 685 351 320) — Double Bay, NSW 2028, Australia.

Loan agreements are issued and administered by Meanwhile Insurance Bitcoin (Bermuda) Ltd., a licensed and regulated insurer under the supervision of the Bermuda Monetary Authority. Loan My Coins acts as the global distributor, facilitating client education, onboarding, and documentation before referral to Meanwhile for agreement execution and collateral management. Legal enforcement of loan agreements is governed by New York law.