What is a Blockchain Backed Loan?
With the ability to use smart contracts to hold collateral in the form of any actively traded crypto asset, you can trade assets, goods and services knowing that the value of your crypto assets is held in escrow.
A blockchain-backed loan is money you borrow for any kind of personal or business use (going on vacation, paying off debt, paying for a special gift, etc). The loan is collateralized by a blockchain asset, like bitcoin, where the transactions are both safe and transparent.
Why Would I Need to Make a Blockchain Loan?
Taking a loan can be a smart way to integrate high-interest rate balances under one monthly rate. To repay the loan, you would make a monthly payments of principal plus interest. A loan gives you the flexibility to make big purchases, then pay it off at a pace that makes sense for you.