Digital Assets: Wealth Management App Abra To Offer Loans Against Crypto @ 0%
Users can borrow against BTC and ETH on the ABRA platform.
Abra, a crypto-based wealth management platform that trades over 100 cryptocurrencies and is fully compliant, offers interest of up to 10.5% on select digital assets through its Abra Earn feature. The crypto platform announced Wednesday its Abra Borrow in-app feature that will allow users to borrow against bitcoin and ethereum at a 0% rate of interest. (Intrado Globe Newswire)
Borrow against crypto
Further users can withdraw TUSD directly into a bank account. Therefore, Abra Borrow is a personal line of credit that can be drawn at a moment’s notice. It can be used to pay for urgent reasons such as a down payment on a home, college tuition, buying a car, medical bills, or buying more cryptocurrency.
“Offering 0% interest through Abra Borrow lets customers quickly access 10% of their holdings for free while still gaining the benefit of any upside price movement of those holdings. Nothing like this has ever been done before,” said Bill Barhydt Founder and CEO. “With more people owning crypto now than ever before, having tools to effectively manage and access gains are essential to a flourishing crypto ecosystem. We are fully committed to being a leader in this new and growing space.”
However, note that the zero interest facility will be made available for only 10% LTV, and is being billed on the site as “coming soon.”
Current Abra interest rates for loans are 3.95% APR (20% LTV); 7.75% APR (33% LTV); and 9.95% APR (50% LTV). Loan terms are 6/12/18/24 months.
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