Aven Introduces Bitcoin-Backed Line of Credit up to $1 Million

Fintech startup Aven is expanding its offerings in the cryptocurrency space with the introduction of the Aven Bitcoin Visa Card. The new card allows users to access a bitcoin-backed line of credit of up to $1 million, providing an innovative financing solution for those looking to borrow against their digital assets.

A key feature of the Aven Bitcoin Visa Card is its fixed-rate, fixed-term loans, which offer APRs as low as 7.99% and loan terms of up to 10 years. This is a departure from traditional bitcoin lending products, which often come with higher APRs and shorter loan terms.

According to an analysis by Aven, borrowers can save up to 50% on interest rates compared to traditional credit products. The firm claims that its machine-banking platform has already saved users $300 million in interest payments since its founding in 2019.