According to Wu Shuo, reported by Forbes, Silicon Valley fintech company Aven has launched a Bitcoin-backed credit card, where users need to custody their Bitcoin with BitGo to obtain a credit limit of up to $1 million for a maximum of 10 years, with an annual interest rate ranging from 7.99% to 11.99%, depending on the collateral ratio (30%–70%); when the loan-to-value ratio reaches 70%, usage will be restricted, at 80% additional collateral or repayment is required, otherwise the platform will sell some Bitcoin to reduce leverage, and at 85% collateral assets will be directly liquidated and the credit limit will be closed.

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