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Ukraine's Skarbnitsa Launching Crypto-Secured Loans

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Ukrainian Pawnshop chain Skarbnitsa is launching cryptocurrency-secured loans that will provide loans in fiat currency against collaterals in bitcoin and other cryptocurrencies through their nearly 300 across Ukraine.

The customers can apply for a loan secured by cryptocurrency on the site of the crypotrading system. Choose the type of cryptocurrency that is possible for a deposit, as well as one of the parameters: the desired loan amount or the amount of your existing cryptocurrency.

A calculator will be offered to help customers determine the type and volume of cryptos for the collateral, the maturity and the amount of the loan.

As soon as the receipt of the cryptocurrency in the pledge is confirmed, the company will transfer the loan amount in Ukrainian currency Hryvnia (UAH) to a bank card or bank account.

It works like a regular financial loan. You get the loan in UAH on the security of cryptocurrency without the usual tedious process.

The company noted that owners of cryptographic goods will be able to receive a loan in UAH for up to 31 days with the right to prolong. As soon as the arrears on the loan are repaid, the entire amount of cybercredit, which was transferred to a pledge, is returned to the borrower in full.

The company added that under each contract, the IT system will keep an automatic record of the amount of cryptographic currency in the pledge and the price at which the transaction is fixed.

This means that in case of an increase in the price of the cryptos in collateral, it is possible to increase the amount of the loan. However, if the price falls, the borrower is given enough time to decide on the further fate of the crypto assets.

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