Aven bitcoin Visa card will offer BTC-backed line of credit of up to $1 million
Aven's new Bitcoin Visa card offers a BTC-backed credit line up to $1 million with fixed-rate, long-term loans.Summary
Fintech startup Aven has launched the Aven Bitcoin Visa Card, providing a line of credit backed by bitcoin, with limits up to $1 million. This card introduces fixed-rate, fixed-term loans of up to 10 years at a 7.99% APR, a significant departure from the typically shorter terms and higher rates found in bitcoin lending. Borrowers will secure their bitcoin collateral with BitGo. Aven, founded in 2019, operates a "machine-banking" platform that uses existing assets as collateral to offer lower interest rates on credit cards, aiming to reduce reliance on traditional credit scores. The company claims to have saved users substantial amounts in interest payments. The Aven Bitcoin Visa Card, issued by Coastal Community Bank, features no annual or origination fees and offers 2% cash back on all purchases.
(Source：The Block)