Citing Bitjie, Lava, a global platform specializing in Bitcoin-backed loans, announced a $200 million funding round and the launch of its Bitcoin Credit Line (BLOC) on November 3. The funding round combined venture capital and debt financing, bringing in new investors Anthony Pompliano and Eric Jackson. Lava now offers a competitive 5% annual interest rate on one-year loans, with rates updated annually. Users can borrow, repay, and reborrow as needed, with interest charged only on the amount used. The product also includes a 2% annual fee based on the highest loan balance reached during the year, resulting in a total cost of approximately 7% annually. Lava also provides a 'liquidation protection' feature to safeguard users from price volatility.
Lava Completes $200M Funding and Launches 5% Bitcoin-Backed Loan Product
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