CoinDesk news: Japanese lending institution Cryl announced the launch of a Bitcoin-collateralized loan, with amounts ranging from 1 million yen to 1 billion yen (about $6,200 to $6.2 million). The service allows individuals, sole proprietors, and companies to obtain yen without selling their Bitcoin. Cryl began offering the product on July 9, with an annual borrowing interest rate set between 3.5% and 7%, and a collateralization ratio of 40% to 60%. The loan term is one year and can be extended. Borrowers can use the funds for tax payments, living expenses, business expenses, and real estate purchases. Cryl also allows additional borrowing under certain credit-line agreements, provided that the loan-to-value ratio stays below 60%. The company operates as a Tokyo-registered lender and is a member of the Japan Financial Services Association.