Aven Unveils Bitcoin-Backed Visa Credit Card With Up To $1 Million Lines Of Credit

Aven, a fintech company focused on asset-backed lending products, has introduced a bitcoin-backed Visa credit card that offers users the opportunity to borrow up to $1 million without selling their digital assets. The product is designed for long-term holders seeking liquidity and provides a solution to the traditional problem of taxable events tied to asset sales.

The Aven Bitcoin Visa Card combines a revolving credit line with fixed-term loan options, allowing borrowers to choose between different repayment periods, including up to 10 years. Interest rates for both structures start at 7.99% APR, which is below typical rates in the bitcoin-backed lending market. The product includes no annual or origination fees and offers 2% cash back on purchases.

Aven's credit card structure separates asset custody from card issuance, using a combination of BitGo Inc. and BitGo Bank & Trust for custody and Coastal Community Bank under a Visa network license for card issuance. This allows borrowers to pledge their bitcoin without having to sell their assets, providing them with greater flexibility in borrowing.