APX launches five-year crypto-backed credit line
- APX Lending has launched a five-year credit line backed by Bitcoin and Ethereum.
- Borrowers can access rates of 10.49% to 11.99%, with no origination or prepayment fees.
- The facility lets eligible borrowers draw, repay and redraw credit against their crypto collateral.
APX Lending has launched a five-year revolving credit line backed by Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH).
Borrowers can use either asset or both together to determine their available credit under the facility.
“A revolving line of credit is something our clients have asked us for repeatedly,” said APX Lending Founder and CEO Andrei Poliakov.
Annual rates range from 10.49% to 11.99%, while borrowers pay no origination, prepayment or liquidation fees.
APX said a borrower with $300,000 of combined Bitcoin and Ethereum collateral could access up to $180,000 at a 60% loan-to-value ratio.
The available credit changes as the market value of the collateral moves and as borrowers draw or repay funds.
APX said its collateral is held in segregated BitGo Trust cold-storage wallets and is covered by up to $250 million in insurance.
At the time of reporting, Bitcoin price was $80,225.26.
