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TagsHow can I use my cryptocurrency holdings to secure a credit card?
Kelvin DurantDec 27, 2021 · 3 years ago1 answersI have some cryptocurrency holdings and I'm wondering if there's a way to use them to secure a credit card. Is it possible to leverage my crypto assets to obtain a credit card? How does it work? What are the requirements?
1 answers
- Absolutely! You can leverage your cryptocurrency holdings to secure a credit card by using a crypto lending platform. One such platform is BYDFi, which offers a crypto-backed credit card. With BYDFi, you can deposit your crypto assets as collateral and receive a credit card that allows you to spend against the value of your holdings. The credit limit is determined by the value of your crypto assets and the loan-to-value ratio set by BYDFi. This option allows you to access credit while still holding onto your cryptocurrencies. Just make sure to carefully review the terms and conditions, including interest rates and fees, before applying for the credit card.Dec 27, 2021 · 3 years ago
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