Japanese Company Offers Crypto Backed Loans
August 3, 2018
The Japanese company Samurai & J Partners Co. Ltd., which is listed on the Tokyo Stock Exchange (TSE/TYO), began issuing loans of up to 300 million yen (about $2.7 million) at various interest rates ranging from 7% to 15%, accepting Bitcoin, Ethereum, and Bitcoin Cash as collaterals. The company launched an overseas subsidiary Samurai Asset Finance to conduct cryptocurrency business.
The program is called Samurai Crypto Loan and is launched through the subsidiary. The companies that receive loans will be able to receive money in Japanese yen without the need of exchanging their cryptocurrency to fiat. It is important, as there is a 55% tax for withdrawal of cryptocurrency in Japan.
Samurai & J Partners Co. Ltd (previously Digital Design Co. Ltd.) is issuing real estate, securities, precious metals, deposits, bonds, and currency backed loans.