Aven has started one new credit cardthis time backed by your BTC balance. It seems to be similar to card that is tied to your home equity but is tied to your BTC instead. Card details:
- No annual fee
- The card earns 2% cash back.
- APR of 7.99% – 14.99%
- 30% loan to value (eg, $100K bitcoin collateral to support an initial $30K credit limit): 7.99% APR
- 50% loan to value: 9.99% APR
- 70% loan to value: 11.99% APR
I can’t see this being very popular as you have to deposit your BTC with BitGo Bank & Trust. I think this is designed for people who hold a lot of paper wealth with BTC but don’t want to sell yet but still live a certain lifestyle. I would expect those people to not want to hold BTC somewhere like BitGo. Aven is certainly trying new things too launched a card that can earn up to 10% back with referrals.
