Block Earner Pushes Ahead with Crypto-Backed Loans Despite Regulatory Hurdles
Summary:
Australian fintech firm Block Earner plans to launch a crypto-backed loans product, despite facing a court case with the financial regulator for allegedly offering financial products without a license. The new product allows Australian crypto investors to use their crypto holdings as collateral to borrow cash. The initial rollout is expected in September and will initially only accept Bitcoin as collateral. Block Earner aims to fit within existing licensing regulations.
Block Earner, an Australian fintech firm, is proceeding with its plans to launch a crypto-backed loans product, despite an impending court date with the country's financial regulator. The firm is accused of offering financial products without a license. The new loan product will enable Australian crypto investors to use their crypto holdings as collateral to borrow cash. This service was previously offered by Coinbase in the U.S. but was discontinued earlier this year. The initial launch of Block Earner's product is expected at the end of September and will initially only accept Bitcoin as collateral. The co-founder of Block Earner, Charlie Karaboga, stated that the new loan products have been developed in a conservative manner to align with existing licensing regulations.
Published At
9/8/2023 5:48:02 AM
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