According to a report by Cointelegraph, Xapo Bank, a crypto-friendly bank based in Gibraltar, has announced the launch of a BTC-based US dollar lending service, with loan amounts up to $1 million.
It is reported that a key difference in Xapo's BTC loan product is that the bank will not require users to re-collateralize the loan collateral, meaning its lending mechanism does not involve the client reusing BTC assets. Eligible Xapo clients can choose repayment terms of 30, 90, 180, or 365 days, and there are no penalties for early repayment.