El Salvador Plans To Give Small Businesses Low Interest Bitcoin-Backed Loans
Nayib Bukele, dubbed the “CEO of El Salvador,” is pushing the envelope by implementing Bitcoin as a legal tender in the real world. The Salvadoran government is attempting to develop a Bitcoin-backed credit product for micro and small companies around the country. As a result, small and micro-businesses will be able to qualify for low-interest […]
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The Salvadoran government is looking to create a Bitcoin-backed loan product for micro and small businesses across the country. It’s full steam ahead for El Salvador’s Bitcoinization. The next point on the orange agenda is in providing low-interest loans backed by Bitcoin (BTC) to small and micro-businesses.While the details of the BTC loans are currently not disclosed, Mónica Taher, an advisor for the government of El Salvador, was straight-talking in a Facebook Live Audio held yesterday. The discussion was called “Bitcoin loans with lower interest rates.” Paul Steiner the President of....
The government of El Salvador will offer cryptocurrency-based loans to small companies. Conamype, the National Commission for Micro and Small Enterprises, will be the link between the investors and a decentralized finance protocol called Acumen, that will be able to provide funding in stablecoins. The aim being to help small investors that have no credit history in the country. Small Companies in El Salvador to Receive Cryptocurrency-Based Loans Small companies in El Salvador will be able to receive funding to power their companies with cryptocurrency. The program is directed to include....
Software firm MicroStrategy has cemented its position as a major Bitcoin player with its numerous large purchases. The company which is valued at $1 billion had put a significant portion of its own funds into buying BTC but the majority of the money used to purchase all of the bitcoin had been from loans. These loans which include convertible notes, senior secured loans, and bitcoin-backed loans account for $2.4 billion of its $3.97 billion BTC purchases. How The Loans Look MicroStrategy had used convertible notes to fund a good portion of its bitcoin holdings. These notes are converted....
Reflecting Silicon Valley's growing influence on traditional finance, Regions Financial, which operates bank branches across 16 states, plans to partner with Fundation, a lending startup, to provide online loans to small businesses, according to USA Today. The partnership will give the publicly-traded Regions, valued at $11 billion, a new online banking presence. Fundation will have access to Regions' small-business customers. The partnership could double the startup's revenue. "We expect it will at least double (loan) originations and revenue" Sam Graziano, Fundation CEO told USA TODAY.....
The crypto exchange Bitfinex announced on Thursday that the trading platform plans to donate 36 bitcoin and $600K worth of tether tokens to help bolster communities and small businesses located in El Salvador. According to Bitfinex, the funds will initially target small businesses in Salvadoran communities located in Apopa, Ilopango, and Soyapango.
Donated Funds to Target Small Businesses in the Communities of Ilopango, Soyapango, and Apopa
The digital currency exchange Bitfinex has detailed that the company is donating 36 bitcoin (BTC) worth just over $734K using current BTC....