Global Access with restrictions:
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Jurisdictions{The official power to make legal decisions and judgments.} ineligible include those where citizenship, permanent residency, tax residency, or location applies in Cuba, North Korea, Iraq, Iran, Puerto Rico, Somalia, Syria, Sudan, territories occupied by the Russian Federation, or any state, country, territory, or other jurisdiction embargoed by the United Nations, the United States of America, or the European Union.

KYC{KYC stands for Know Your Customer. It is a process used by financial institutions, and other businesses, to verify the identity of their clients and assess the potential risks associated with those clients. This helps prevent fraud, money laundering, and other financial crimes.} requirements vary depending on the Lender. All offers without KYC are labeled accordingly.

• Non-custodial Lending* - Multi-Party Custody: Debifi provides a 3-out-of-4 multi-signature escrow wallet, meaning three signatures are required to authorize any transaction, ensuring consensus among parties and safeguarding Bitcoin collateral.
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• Key Distribution: Keys are held by the borrower, lender, Debifi, and the authorized keyholder (separate company that has been granted the authority to act as an additional key in certain situations), preventing any single party from unilateral control over the collateral.
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• Open-source Key Generation: The key generation process within the Debifi app is open source, making it transparently verifiable.
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• Escrow Process: Upon loan initiation, the borrower’s bitcoin is secured in a unique multisig escrow wallet (P2SH address) on the Bitcoin blockchain. Release of funds requires agreement from three of the four keyholders, ensuring no action can proceed without mutual consent.In addition parties can easily check that bitcoin is kept in the escrow and is not moving.
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• Custom Key Usage: The loan initiation process allows selection of a key from Debifi’s secure app storage or a supported hardware wallet (currently, Coldcard MK4 and ColdHodl).

• Loan Lifecycle: Throughout the loan term, collateral remains locked in the multisig wallet. Upon repayment, funds are released back to the borrower with full transparency. In case of disputes, Debifi utilizes its key to mediate as a neutral party.
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• Protection Mechanism: The system is designed to prevent unauthorized access or scams, as neither the borrower nor the lender can unilaterally move funds. Forced liquidation allows the lender to claim collateral only under predefined conditions, with Debifi stepping in during disputes.
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• Security Protocol: All actions are signed using private keys generated on a separate device app, enhancing security. Debifi does not store collateral but facilitates a 3-out-of-4 multisig solution with distributed key management.
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• Blockchain Integration: Each lending contract generates a unique multisignature address on the Bitcoin blockchain, where collateral is held until loan completion. Funds are released only upon mutual agreement or, in disputed cases, through Debifi’s mediation.
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• Risk mitigation:
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1. Counterparty risk is reduced by allowing borrowers to maintain control of their Bitcoin, meaning the collateral is locked but not held by Debifi. 
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2. The 3-of-4 multisig system requires three of the four parties to sign any transaction involving the collateral, eliminating single points of failure and minimizing the risk of unauthorized access or theft.
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3. No collateral rehypothecation: prevents mismanagement and platform insolvency by not reusing Bitcoin collateral, avoiding over-leveraging and fractional reserve risks.
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4. Collateral Recovery: Should Debifi become unavailable, the collateral can be retrieved using a freely available extraction tool, requiring coordination among the lender, borrower, and authorized key holder. No vendor lock-in exists.

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* Note that, in the Bitcoin Lending domain, non-custodial is not synonymous with self-custodial—otherwise, the collateral would not be pledged as a guarantee—but literally means that the lending platform is not custodial, i.e., it does not act as a custodian, and instead relies on collaborative custody multi-sig based systems/escrow, or other smart contract-based protocols. Therefore, in non-custodial lending, the borrower retains self-custody of one key but inevitably shares collateral custody under specific pre-agreed and signed loan conditions. This is why Coinlateral invites and supports you in understanding the loan terms and risks.

Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:
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• 2 Keys Loss Risk: Entailing multisig lockout and collateral freeze risk.
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• Protocol Hack Risk: exploitation of vulnerabilities in smart contracts or multisig implementation, potentially allowing an attacker to bypass the 3-of-4 signature requirement and drain the collateral.
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• Collusion Risk: Two or more of the four parties colluding to override the multisig controls, potentially unlocking the collateral without the consent of the remaining parties. The 3-of-4 design reduces but doesn’t eliminate this possibility.
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• Oracle Error or Manipulation Risk: When the platform uses oracles for price feeds or liquidation triggers, attackers could manipulate these external data sources to force unfair liquidations or prevent legitimate ones. 
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• User Error Risk: Even with a robust system, users losing keys to phishing or mismanaging permissions can undermine security, a human factor that persists despite technical safeguards.
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Liquidation risk: This is not a risk specific to BTC-backed loans but applies to any financial leveraged operation. This risk can be mitigated and managed with a conservative LTV and a re-collateralization plan (always use only a fraction of BTC holdings as collateral to reduce risk and stress upfront).

LTV Thresholds & Actions:

• Margin Call at 75%, 80%, 85%  LTV, with option to increase collateral or partially repay debt to maintain the required LTV ratio.
• 90% LTV: Forced Liquidation Alert – Trigger for potential collateral liquidation.

Forced Liquidation (5% fee) applies if Bitcoin’s price fluctuations affect collateral and the LTV ratio falls below what is agreed in the contract, and meanwhile, there have been no attempts from the borrower to either increase the collateral amount or repay part of the debt to keep the LTV ratio at the required level.

In case the LTV ratio has dropped to 90%,  Lender, Borrower and Authorized Keyholder will be informed about the start of a Forced Liquidation procedure.

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Borrowers can manually top up their bitcoin collateral without incurring any extra fees. Any gain in the value of collateral is borrowers to keep. The borrower only ever owes the loan amount, which is pre-determined and not affected by the price of bitcoin.

Email

Majuro, Isole Marshall (WAGMI LTD., reg. 115362)
Lugano, Switzerland (Debifi SA, reg. CH-501.3.024.140-7)
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Available to US residents in all states except Hawaii (HI) and Texas (TX).

• BTC HELOC

• BTC-backed loans

Custodian: Anchorage Digital Bank
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BTC is held as collateral in a decentralized multi-party computation wallet.
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• Collateral Deposit Process: A unique wallet address is assigned for depositing required bitcoin collateral directly with the qualified custodian, Anchorage, specific to the loan.‍

• Keys segregation: Private keys are stored separately, ensuring bankruptcy-remote collateral.

• Verifiable Proof: Existence and control are provable via cryptographic proofs or audit reports.‍

• Regulatory Compliance: Anchorage Digital Bank, with a U.S. OCC charter, holds SOC 1 and SOC 2 Type II certifications for security, confidentiality, and privacy.
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Risk mitigation

• Industry insurance safeguards assets throughout their custodial lifecycle.

• No rehypothecation: Figure states that collateral is not reused or lent out, preventing mismanagement and insolvency risks.

Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:

Counterparty risk, including: 

• Key Loss Risk - potentially locking Bitcoin funds in escrow or custody setups.
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• Platform Hack Risk - a breach in custodian’s systems could allow hackers to steal collateral or user funds.
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• Operational Error Risk - Mistakes in loan processing or collateral handling by custodians could lead to unintended fund locks or losses.
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• Reliance on external partners (e.g., custodians or auditors) exposes to the risk that these entities are compromised.

• ‍BTC Liquidation/Property Foreclose: If the Bitcoin price falls by more than 50%, the collateral is liquidated, and proceeds are applied to reduce the loan balance. The loan then transitions to a traditional HELOC secured by the property. Failure to make HELOC payments may result in foreclosure of the property, requiring repayment of only the remaining loan balance to minimize potential property impact.

If the Bitcoin collateral’s value falls below 50% of the outstanding balance, a portion is liquidated at market prices (with a 1% liquidation fee) to restore balance.

Collateral exceeding the credit limit may be withdrawn.

With no prepayment penalties

Email

All HELOCs are offered by Figure Lending LLC (NMLS ID 1717824).

Figure Lending LLC dba Figure. 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 819-6388.

Figure Markets - 650 California, Suite 2700, San Francisco CA 94108

Figure Lending LLC holds licenses as a mortgage lender and finance lender, regulated by US authorities such as the Department of Financial Protection and Innovation and the NJ Department of Banking and Insurance.

Firefish P2P lending is available for users from EU, UK and Switzerland. Professional marketplace is available globally.

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• Marketplace loans: fixed-rate loans matching borrowers' demand with lenders' offers: borrowers set loan amount, interest rate, and term; once listed, the platform matches the request with an investor, who funds the loan upon agreement.

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• Instant Loans: fixed-rate instant loans at pre-defined terms by the lenders. 

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Collateral Management System

• Multi-Signature Escrow: Bitcoin collateral is secured in a multisignature address on the Bitcoin blockchain, requiring signatures from borrower, lender, and Firefish to authorize transactions. 
• Non-custodial*: Firefish does not hold funds; collateral remains in an on-chain escrow, preventing direct access by any party.
• Escrow Process: Upon loan agreement, Bitcoin is locked via Partially Signed Bitcoin Transactions (PSBT). Funds are released only when predefined conditions (e.g., repayment or liquidation) are met, ensuring mutual consent. The escrow is generated by the borrower to ensure transparency.
• Borrower Keys Management: The Borrower uses two types of keys within the protocol: 1) B represents a key pair fully controlled by the Borrower (such as stored on a hardware wallet). All outputs of the escrow designated for the Borrower are directed here. 2) Key B-EPH, which represents an ephemeral key pair created in the Firefish app and used for signing during the contract setup.
• Recovery Mechanism: A pre-signed recovery transaction allows borrowers to reclaim collateral after loan maturity (~30 days) if Firefish becomes unavailable, reducing vendor lock-in.

Security

• Blockchain Transparency: All transactions are recorded on the Bitcoin blockchain, ensuring traceability and verifiability.
• Audited Code: The protocol underwent a thorough review by Ackee Blockchain and Bitcoin experts.
• Protection Mechanism: In case of default, collateral transfers to the lender. The multisig contract prevents unauthorized access, reducing risks of mismanagement or rehypothecation.
• Oracle Integration: Firefish provides oracle services for price feeds and liquidation triggers in the current release, ensuring accurate loan management.

Risk Mitigation

• Counterparty Risk: The non-custodial escrow and multisig system reduces reliance on centralized entities.
• No Rehypothecation: Collateral is not reused, preventing over-leveraging or platform insolvency.
• Collusion risk: happens if two or more (e.g., lender and escrow, or borrower and escrow) conspire to unlock collateral without the third’s consent, like faking a default or early withdrawal. Firefish mitigates this with a neutral escrow, pre-signed recovery transactions with a time-lock, and the 3-of-3 requirement, making collusion harder.
• Recovery Mechanism: mitigates vendor lock-in risk by allowing you to reclaim your Bitcoin collateral via pre-signed transactions if Firefish becomes unavailable, such as in case of service disruption or failure.
• Conservative LTV: A 50% Loan-to-Value ratio lowers liquidation risk.

* Note that, in the Bitcoin Lending domain, non-custodial is not synonymous with self-custodial—otherwise, the collateral would not be pledged as a guarantee—but literally means that the lending platform is not custodial, i.e., it does not act as a custodian, and instead relies on collaborative custody multi-sig based systems/escrow, or other smart contract-based protocols. Therefore, in non-custodial lending, the borrower retains self-custody of one key but inevitably shares collateral custody under specific pre-agreed and signed loan conditions. This is why Coinlateral invites and supports you in understanding the loan terms and risks.

Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:

• Key Loss Risk: Losing access to private keys may lock collateral in the multisig address.
• Protocol Hack Risk: Potential vulnerabilities in the multisig implementation could be exploited.
• Collusion Risk: Some parties colluding to override the multisig controls, potentially unlocking the collateral without the consent of the remaining parties. 
• Oracle Error Risk: Inaccurate or manipulated price feeds could affect liquidation triggers.
• Collusion risk: happens if two or more (e.g., lender and escrow, or borrower and escrow) conspire to unlock collateral without the third’s consent, like faking a default or early withdrawal. Firefish mitigates this with a neutral escrow, pre-signed recovery transactions with a time-lock, and the 3-of-3 requirement, making collusion harder.
• User Error Risk: Even with a robust system, users losing keys to phishing or mismanaging permissions can undermine security, a human factor that persists despite technical safeguards.
• Liquidation risk: This is not a risk specific to BTC-backed loans but applies to any financial leveraged operation. This risk can be mitigated and managed with a conservative LTV and a re-collateralization plan (always use only a fraction of BTC holdings as collateral to reduce risk and stress upfront).

Margin calls are triggered at LTV levels of 80%, 85%, and 90%. Liquidation occurs at an LTV of 95% and a collateral health indicator (CHI) of 0%, with the liquidation price displayed in loan details.

In case of significant Bitcoin price declines, borrowers may add collateral via the platform’s “Top-up collateral” option or repay the loan. Partial repayments do not affect the LTV ratio.

If the loan is not repaid at maturity, collateral is transferred to the liquidator (investor or Firefish), who sells a portion to settle the loan, returning the remainder to the borrower after a 5% liquidation fee.

 Excess collateral withdrawal not allowed.

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Email

Instant loans are offered by Firefish Peer Servicing s.r.o. ID No. 56 481 748, based at Lazovná 20, 974 01 Banská Bystrica, Slovakia, registered in the Banská Bystrica District Court, section Sro, Insert No. 50102/S.

Firefish Europe s.r.o. operates and provides Firefish services, including the website, Firefish App, Firefish Invest, Firefish Borrow, and related services such as escrow setup, Bitcoin collateral escrow, and liquidation exchange. It is based at Lazovná 20, 974 01 Banská Bystrica, Slovakia, registered with the Banská Bystrica District Court, section Sro, Insert No. 47958/S.

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No penalties or additional charges.

Loan extension is possible by paying a one-time extension fee.

Lava Card

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Email

Lava Global Inc

Global. Ineligible jurisdictions:
US: California, Connecticut, Hawaii, Louisiana, Nevada, New York, North Dakota, South Dakota, Tennessee, Vermont, Washington, Washington D.C.
Canada: New Brunswick, Nova Scotia, Saskatchewan, Quebec.
Afghanistan, Albania, Armenia, Azerbaijan, Bangladesh, Belarus, Benin, Botswana, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Central African Republic, Democratic Republic of the Congo, Cuba, Eswatini, Eritrea, Ethiopia, Ghana, Guinea, Guinea Bissau, Haiti, Iran, Iraq, Jamaica, Jordan, Kazakhstan, Kyrgyzstan, Lebanon, Liberia, Libya, Madagascar, Mali, Mauritania, Mauritius, Mongolia, Morocco, Mozambique, Myanmar, Nepal, Nicaragua, Niger, North Korea, Pakistan, Palestinian Territories, People's Republic of China, Republic of the Congo, Réunion, Russia, Rwanda, Senegal, Sierra Leone, Somalia, Sri Lanka, Solomon Islands, South Sudan, Sudan, Syria, Tajikistan, Tanzania, Timor-Leste, Tonga, Trinidad & Tobago, Turkmenistan, Tunisia, Uganda, Ukraine, Uzbekistan, Vanuatu, Western Sahara, Yemen, Zambia, Zimbabwe.

1. Standard Loans: Ledn has the right to lend out the collateral to institutions to earn interest, which in turn, Ledn uses to lower the interest rate of this loan type.

2. Custodied Loans: collateral is posted to an institutional USD funding partner, being a bank and/or credit fund, and held in custody. Ledn does not have the right to lend out collateral to institutions to generate interest.

Collateral custody options:
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1. Standard Loans: Ledn has the right to lend out the collateral to institutions to earn interest, which in turn, Ledn uses to lower the interest rate of Standard Loans.
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2. Custodied Loans: collateral is posted to an institutional USD funding partner, being a bank and/or credit fund, and held in custody. Ledn does not have the right to lend out collateral to institutions to generate interest.
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Collateral Security and Transparency
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• SOC 2 certified: Ledn has achieved SOC (Service Organization Control) 2 Type 2 certification.The audit is based on five Trust Service Criteria: Security, Availability, Processing Integrity, Confidentiality, and Privacy.
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• Proof-of-reserves attestation: an independent public accountant reviews Ledn's client asset balances, including its lending, and custodial balances at a point in time, to ensure that the company is properly accounting for client assets.
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• A unique anonymized hash ID for every client reference number and for every new attestation is created by Ledn. This hashed ID is matched with each account's balances for the attestation. The unique hashed ID is then provided to each client with a balance, so that they can verify their balance was included in the attestation on the public accountant's website.
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Risks mitigation
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• Auto Top-Up feature: Eliminates the need for manual monitoring and management of open loans during high price volatility, automatically adjusting the LTV (from 70% to 50%) by transferring funds from the Transaction Account to the collateral wallet address.
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• Encryption: Ledn uses HTTPS and AES-256 encryption.
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• Custodied Loan collateral is not subject to the credit risk associated with the rehypothecation of Standard Loan collateral.
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• Redundancy and Recovery: Ledn collaborates with custodial partners that implement multi-signature wallets and access protocols to ensure asset continuity even in critical situations. Clients can enable Two-Factor Authentication (2FA), safelisting, and confirmation video calls for withdrawals.

Despite the risk mitigation solutions implemented by the platform as described above (see Collateral Management and Security), there are persistent risks to know:
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Counterparty risk, including: 
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• Key Loss Risk - potentially locking Bitcoin funds in escrow or custody setups.
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• Platform Hack Risk - a breach in Ledn’s systems could allow hackers to steal collateral or user funds.
  ‍
• Operational Error Risk - Mistakes in loan processing or collateral handling by Ledn could lead to unintended fund locks or losses.
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• Reliance on external partners (e.g., custodians or auditors) exposes to the risk that these entities are compromised.
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• Rehypothecation: in the Standard Loan option, unlike the Custodied Loan one,  Ledn has the right to lend out the collateral to institutions to earn interest. Trade-off: Ledn uses the collateral to lower the interest rate of Standard loans, exposing the borrower to the risk of rehypothecation, so to potential loss if mismanagement or insolvency occurs.
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Liquidation risk: This is not a risk specific to BTC-backed loans but applies to any financial leveraged operation. This risk can be mitigated and managed with:
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• A conservative LTV and a re-collateralization plan (always use only a fraction of BTC holdings as collateral to reduce risk and stress upfront).
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• Enabling Automatic Top-up on Ledn loan settings.

An email notice will be sent when a loan’s LTV exceeds 70%, prompting the addition of more collateral. Additional email reminders will follow, including if the loan’s LTV reaches 75%.

Action Required:

• Top-Up or Repay: Additional collateral must be deposited, or the loan must be repaid fully or partially.
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• Automatic Liquidation: If the LTV surpasses 80%, Ledn will automatically sell a portion of the collateral to cover the outstanding loan.

Excess collateral is redeemable on the condition that loan must be active for more than 60 days and have an LTV below 30%, able to bring the loan's LTV back to the target LTV of 40%.

B2X

B2X is a lending product designed to accelerate bitcoin stacking. It offers a loan automatically allocated to acquire additional BTC, with both the initial and purchased Bitcoin serving as collateral for the loan.

Functionality

• Bitcoin Collateral: Clients with a BTC balance in their transaction account receive a loan, which is used to purchase more BTC.
• Doubling Holdings: The loan funds are applied to buy an equivalent amount of BTC, effectively doubling the client’s Bitcoin position.
• Loan Currency: The loan principal is denominated in USD.
• Loan Duration: Fixed 12-month term.

Terms

• Interest Accrual: Interest accumulates daily and is payable only upon loan closure.
• Administrative Fee: A 2% fee may be applied at loan origination.
• Collateral Handling: B2X loans utilize Standard Loan collateral treatment (see "Loan Programs" section above).
• Flexible Repayment Options: Loans can be repaid anytime within the 12-month term using BTC, USDC, or wire transfer.

Availability of B2X varies based on the client’s place of residence. 
Not available in the U.S. and Canada.

Email, dedicated Relationship Manager for Ledn Private Wealth clients.

Ledn Cayman SEZC Inc., registered as a Virtual Asset Service Provider (VASP) with the Cayman Islands Monetary Authority (CIMA), holds registration number #1976951. Its registered office is at 90 North Church Street, 4th Floor, Strathvale House, George Town, Grand Cayman KY1-9012, Cayman Islands.

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