Pawning Your Bitcoin

Submitted by editor on Tue, 03/06/2018 - 17:41

Now you can Pawn your Bitcoin if you live or can get to the Ukraine. A major Pawnshop chain of 300 branches, 1200 employees and with ‘millions of customers’ is now offering loans based on pawned Bitcoins. You transfer the bitcoins to the prawn brokers wallet and the Bitcoins are returned with the loan is discharged. The crypto secured loan facility will be available at all 300 stores and is expected to be very popular.

Skarbnytsya announced last week, "The implementation of this project is due to the rapid development of crypto and blockchain in the world. Our clients will be able to use the money and, at the same time, receive income from the growth of cryptocurrencies in the future."

To approve a loan the, "the term and the amount of the loan will be based on the type and volume of the cryptocurrency" used. For each contract, its IT system will automatically factor in the amount of the cryptocurrency as well as its price. This means that in the event of a price increase, an increase in the loan amount is possible," Skarbnytsya wrote, "in case of a fall [in price], the borrower has sufficient time to decide on the future fate of their assets."

Loans will be available for up to 31 days with the option of rolling over the loan. “As soon as the debt on the loan is repaid, the entire amount of the cryptocurrency, which would have been transferred as collateral, is returned to the borrower in full.”

Furthermore, Skarbnytsya said that there would be "No additional commissions and hidden charges."