Global access.

Lendasat provides access to a P2P lending marketplace, offering MultiSig-secured loans during the current Closed Beta, with plans to offer Discreet Log Contracts (DLCs)-secured loans.

Fiat loans can be issued to a bank account provided by the partner Bringin or to a Virtual Visa Debit Card offered by the partner Moon.

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KYC registration is required for most fiat loans.

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The Lendasat lending protocol is designed to implement Discreet Log Contracts (DLCs) on the Bitcoin blockchain as the collateral management mechanism, providing borrowers and lenders with a trustless and disintermediated process for interaction, as an alternative to the escrow model.
‍The DLC-based solution is not currently implemented in the closed Beta; therefore, the following describes the current collateral management transition system and the system that will replace it.

Collateral Management System :

• Beta Multisig Configuration: In the closed Beta phase, Lendasat deploys a 2-of-3 multisignature (P2SH) contract as a provisional security layer, pending full DLC deployment (view point 3). Keys are cryptographically distributed across the borrower, lender, and Lendasat, requiring two signatures for transaction authorization. This interim setup complies with NIST SP 800-57 security standards, with a planned migration to DLCs to leverage enhanced oracle-driven flexibility.
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• Key Management Protocol: Collateral access is governed by a distributed key management system, where private keys are held by the borrower, lender, and Lendasat. 
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• DLC-Based Architecture (currently in development for future implementation):

A DLC-based collateral management system to achieve further disintermediation and security layer compared to the multi-signature escrow system. DLCs utilize Schnorr signatures and off-chain oracle attestations to enforce contract conditions (e.g., loan repayment thresholds or liquidation events), locking collateral in a trustless environment. Each DLC is instantiated with a unique funding transaction and payout scripts, ensuring atomic settlement without intermediary custody.
‍ DLCs employ a hash time-locked contract (HTLC)-like structure, with collateral locked via OP_CHECKLOCKTIMEVERIFY (CLTV) and OP_CHECKSEQUENCEVERIFY (CSV) opcodes, ensuring funds are released only upon consensus or oracle-validated outcomes.

• Marketplace Liquidity Engine: The platform integrates a competitive P2P liquidity model, optimizing price discovery through real-time order matching. A fiat-onramp for non-Bitcoin-native investors enables participation via SEPA transfers, with collateral management abstracted through DLCs to eliminate direct wallet interactions.

• Lendasat offers an audit and downloadable software: https://github.com/lendasat/doomsday‍
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Risk Mitigation: 

• No collateral rehypothecation: prevents mismanagement and platform insolvency by not reusing Bitcoin collateral, avoiding over-leveraging and fractional reserve risks.
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• The tripartite keys control prevents single-point failures.
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• Dispute resolution is facilitated by oracle-signed DLC outcomes, with Lendasat’s role limited to network mediation, ensuring fund integrity without exposure to platform solvency risks.

• ‍‘Doomsday’ recovery tool ensures Bitcoin and loan funds remain secure even in a doomsday scenario — such as the failure, disappearance, or inaccessibility of the platform for any reason — allowing users to recover assets independently.

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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• Keys Loss Risk: Entailing Multisig Lockout and Collateral Freeze Risk.
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• Protocol Bug and Hack Risk: exploitation of vulnerabilities in smart contracts or multisig implementation, potentially allowing an attacker to drain the collateral.
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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).

Forced liquidation process at LTV ≥ % 95%
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4% liquidation fee applied
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Margin Call at LTV ≥ 80 and 85%.

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Additional collateral exceeding the minimum TVL required by the lender in their offer can be provided. Extra collateral may be added at any time during the loan term.

Early repayment not permitted.

An extension of the loan may be requested, provided it is with the same lender who issued the original loan and subject to their available open offers.

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Moon Visa Card

Non-KYC Virtual Visa Debit Card

The lender releases the loan amount to Moon, the Lendasat’s partner provider of the Virtual Visa Debit Card.

Fee: 1% fee on all purchases

Maximums:

- Up to $4,000 USD per month with a Virtual Card (except for U.S. residents).

- U.S. residents can only spend up to $1,000 on a single card, but can spend up to $4,000 per month across all Virtual Cards.

- Up to $10,000 can be loaded onto a Virtual Card in one transaction, per day.
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Apple Pay, Google Pay or Samsung Pay mobile wallets not supported (upcoming). 
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Restrictions: The card may be declined by merchants billing from or located in: Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Burkina Faso, Cameroon, Central African Republic, China, Crimea Region of Ukraine, Croatia, Cuba, Democratic Republic of the Congo, Donetsk People’s Republic Region of Ukraine, Ethiopia, Greece, Guinea-Bissau, Haiti, Iran, Iraq, Kenya, Kosovo, Lebanon, Libya, Luhansk People’s Republic Region of Ukraine, North Macedonia, Mali, Moldova, Monaco, Montenegro, Montserrat, Mozambique, Myanmar/Burma, Namibia, Nicaragua, Nigeria, North Korea/Democratic People’s Republic of Korea, Panama, Philippines, Romania, Russia, Senegal, Serbia, Slovenia, Somalia, South Africa, South Sudan, Sudan, Syria, Tanzania, Tunisia, Turkey, Ukraine, Venezuela, Vietnam, Yemen, Zimbabwe.)

Email / Discord / Nostr

Global

Documentation typically includes government-issued identification, proof of address, and, where applicable, corporate registration and beneficial ownership details. KYC approval is a prerequisite for loan initiation, collateral deposit, and fund release.

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• Custodial Structure: Loan My Coins facilitates Bitcoin-for-Bitcoin lending through Meanwhile Insurance Bitcoin Ltd., regulated by the Bermuda Monetary Authority. Collateral is deposited directly on-chain in segregated wallets. Each loan is tracked individually by Satoshi ID, ensuring that pledged collateral is identifiable and auditable.

• Settlement Process: Loan initiation requires the transfer of Bitcoin collateral to a segregated wallet. In return, the borrower receives 95% of the collateral value in Bitcoin immediately, with a 5% fee deducted upfront. Settlement occurs wallet-to-wallet without reliance on pooled accounts or exchange-based infrastructure.

• Collateral Control: The staked Bitcoin is held under Meanwhile’s legal framework and remains segregated from other client assets.

• No rehypothecation is permitted; pledged Bitcoin is not reused, lent out, or pooled.

• Loan Lifecycle: Throughout the loan term, collateral remains segregated and recorded on the Bitcoin blockchain. Upon repayment of the original principal in Bitcoin, collateral is returned to the borrower. In the event of non-repayment, Meanwhile Insurance Bitcoin Ltd may retain the pledged Bitcoin as fulfillment of the agreement. 

• Protection Mechanism: The model eliminates margin calls and liquidation events by fixing terms at initiation. The borrower holds the loan proceeds upfront, minimizing counterparty risk. Enforcement of agreements is carried out under New York law, providing legal recourse in disputes.
• Blockchain Integration: Each loan involves a unique, on-chain wallet transaction, visible and verifiable on the Bitcoin blockchain. Tracking at the satoshi level allows collateral to be independently audited.

• Jurisdictional Oversight: Collateral arrangements are subject to Bermuda Monetary Authority regulation, with legal enforcement under New York law. This dual framework establishes clarity in both financial regulation and legal enforcement.

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Risk Mitigation

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• Segregated Collateral: Bitcoin pledged as collateral is held in segregated wallets, tracked individually at the satoshi level, ensuring it is not pooled or rehypothecated.

• Upfront Loan Settlement: Borrowers receive loan proceeds in Bitcoin at initiation, reducing exposure to counterparty default by holding usable assets immediately. Ff the collateral were lost, the borrower already holds the loaned Bitcoin upfront. In that case, the counterparty bears the failure risk, not the borrower. This is part of why the product is described as having minimal counterparty risk

• ‍Regulatory Oversight: Loan issuance is conducted by Meanwhile Insurance Bitcoin (Bermuda) Ltd., regulated by the Bermuda Monetary Authority, with legal enforcement under New York law to provide clarity in dispute resolution.

• No Margin Calls or Liquidations: Fixed terms at initiation eliminate risks tied to collateral value fluctuations, avoiding forced liquidations during market volatility.

• Simplified Attack Surface: The platform does not operate custodial aggregation, APIs, or pooled wallets, thereby minimizing technical vulnerabilities and limiting vectors for exploitation.

• Defined Refinance and Default Pathways: Loan continuation and default outcomes are predefined contractually, creating transparency and predictability in collateral treatment.

• On-chain Transparency: Blockchain-based tracking of collateral enables independent auditability, reinforcing accountability and reducing information asymmetry.

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

• Counterparty Default Risk: Although the borrower receives Bitcoin upfront, repayment depends on the lender’s contractual adherence. Failure of the counterparty to honor return of collateral at maturity remains a residual risk.

• Breach of contract by the loan issuer: if repayment occurs and collateral is not returned, this would represent a breach of contract by the loan issuer. In that situation, the borrower would have recourse through the legal system, rather than relying on code-based enforcement.

• Collateral Retention Risk: In the event of non-repayment, pledged Bitcoin collateral may be retained by the loan issuer. Depending on jurisdiction, this outcome could also trigger a taxable disposal event.

• Regulatory Change Risk: Shifts in cryptocurrency regulation or taxation in the borrower’s jurisdiction could alter the enforceability or cost of loan structures, impacting long-term strategies.

• Operational Security Risk: While collateral is tracked by satoshi ID and not pooled, operational vulnerabilities such as key mismanagement, transfer errors, or internal process failures could lead to collateral loss or misallocation.

• User Investment Strategy Risk: A financial risk arises from deploying loan proceeds into assets or strategies that fail to outperform Bitcoin’s growth plus the fixed 5% annual fee, resulting in opportunity cost or potential underperformance relative to holding.

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• No liquidation: The loan structure does not include margin calls or liquidation mechanisms. Since loan proceeds are delivered in Bitcoin upfront and the collateral is held under fixed contractual terms, fluctuations in market value do not affect the loan-to-value ratio during the term. As a result, forced liquidation of collateral is neither planned nor necessary within this framework.

• ‍Enforcement Mechanism: Loan agreements are governed by New York law and enforced under the regulatory oversight of the Bermuda Monetary Authority. In cases of non-repayment, enforcement occurs through contractual retention of the pledged Bitcoin collateral by Meanwhile Insurance Bitcoin (Bermuda) Ltd. rather than through market-based liquidation. This legal mechanism replaces the need for operational liquidation processes and provides a defined resolution framework.

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Collateral remains segregated and locked for the duration of the loan term. Withdrawal is permitted only upon full repayment of the original collateral amount in Bitcoin, or upon exercise of the refinance option with the required additional pledge. No partial withdrawals are authorized during the active loan term.

Loan agreements allow repayment of the original collateral amount in Bitcoin prior to the scheduled maturity date. Early repayment results in the release of pledged collateral under the same contractual framework. The prepaid 5% fee, charged at loan initiation, is non-refundable, and no pro-rata adjustment is applied in the event of early closure.

Annual renewal: loan terms are set for a 12-month duration, with the possibility of annual renewal for up to five years. To extend a loan beyond the initial term, the borrower is required to pledge an additional 5% of the original collateral amount as a continuation fee. Renewal maintains the original loan-to-value structure, without triggering margin calls or liquidation events. If the refinance option is exercised, collateral remains segregated and recorded on-chain for the extended period under the same contractual and regulatory framework.

‍Default Scenario: If repayment or refinancing does not occur at maturity, the pledged collateral may be retained by Meanwhile Insurance Bitcoin (Bermuda) Ltd. in fulfillment of the agreement. This outcome constitutes a transfer of ownership of the staked Bitcoin under the contractual terms. From a regulatory and legal perspective, collateral retention is enforceable under Bermuda oversight and New York law. In applicable jurisdictions, such an outcome may also be treated as a taxable disposal of the staked Bitcoin, subject to local tax rules.

Email / Chat

Swapworth Pty Ltd trading as Loan My Coins (ABN 99 685 351 320) — Double Bay, NSW 2028, Australia.

Loan agreements are issued and administered by Meanwhile Insurance Bitcoin (Bermuda) Ltd., a licensed and regulated insurer under the supervision of the Bermuda Monetary Authority. Loan My Coins acts as the global distributor, facilitating client education, onboarding, and documentation before referral to Meanwhile for agreement execution and collateral management. Legal enforcement of loan agreements is governed by New York law.

United States (Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin, and Wyoming).

Loans Programs:

• Rate and term refinance option: it enables a reduction in monthly payments by lowering the interest rate or extending the loan term.

• Cash-out refinance program: it is designed to maximize cash access by converting home equity into liquid funds available for investment.

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Verified account required.

Custodians: BitGo and Coinbase 
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Custodial accounts and sub-accounts
‍Collateral will be held by a third-party custodian. Milo has custodial accounts with both BitGo and Coinbase. A sub-account is created for each borrower to ensure the customer's crypto collateral is stored separately from other borrowers' for the duration of the loan.

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 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.
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BTC Liquidation/Property Foreclose
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Failure to make mortgage payments may result in BTC collateral liquidation or foreclosure of the property, requiring repayment of only the remaining loan balance to minimize potential property impact.

If BTC collateral appreciates to a value of 1.25x or greater than the total loan amount, withdrawal of excess collateral is possible.

Prepayment penalties vary depending on the loan and can range from no penalty to a duration of three years. Up to 20% of the original principal balance can be paid off within any 12-month period.

Lending on a property requires securing a first lien. Properties with an existing mortgage may be refinanced, but secondary financing is not offered.

Refinance

Milo’s Crypto Mortgage product can be used for both purchase and refinance residential Real Estate across the US.
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Email / Chat / Phone

545 NW 26th Street, Suite 200 Miami, FL 33127

Milo Credit, LLC is a direct lender and licensed under NMLS #1811449.

Loans made or arranged pursuant to a California Finance Lenders Law License 60DBO-128284. 
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