Versara Weekly Update--August 14th
Versara is excited to announce the expansion of its decentralized financial platform by now offering crypto-lending services to individuals and corporations holding Bitcoin and Ethereum. Versara is happy to bring this new retail lending product to our platform. We will serve BTC and ETH investors who want USD or EUR cashflow without having to sell their positions in BTC or ETH.
Versara will make the process simple and easy. The platform can approve a loan to a Borrower within a few days of receiving a completed application. A Borrower will then be required to transfer BTC or ETH collateral to a cold storage location and Versara will then transfer the USD directly to a Borrower’s bank account.
Once a loan is initiated, the Borrower has no other obligations until the maturity date of the loan. Interest is deducted monthly directly from of crypto-collateral. Principal repayment is executed by direct wire transfer or deducted from collateral at the end of the term. All loans made will be 50% Loan-To-Value (LTV). Additionally, Versara will need the Borrower to pledge additional BTC or ETH if crypto price falls more than 30% during the period of the loan to replenish the collateral to meet minimum requirements.
We believe this new product addresses a large market demand in the crypto investor community. We are proud to expand our suite of financial services by offering liquidity to digital currency holders who do not want to lose potential gains from exiting current positions. Thank you for your continued interest in Versara. We look forward to working with you in the future.