We’re excited to announce that crypto lender CoinRabbit has added Firo to its platform! Firo users will now be able to leverage their FIRO as collateral for an instant personal crypto loan.
CoinRabbit offers individuals loans at 10% APR, with borrowers receiving up to 50% of the market value in stablecoins such as USDT ERC20, USDC or USDT TRC20 that can be converted to fiat or other cryptocurrencies. The process only requires a phone number and does not require credit checks or any additional identification, such as names or personal details, and averages 5-10 minutes from start to finish.
Loans can be for any duration of time; however, short-term loans under 30 days are subject to an additional processing fee.
What happens to my coins during the loan period?
All collateral assets are insured and securely stored in special wallets that require several layers of proofs to access until the end of the loan.
CoinRabbit also constantly monitors loans for value drops as part of the service, sending multiple automatic alerts via SMS and email if any of the three limit zones that could place the loan at risk for liquidation are reached. In the event of receiving an alert, individuals can determine whether they would like to deposit more collateral to adjust the ratio, or if they would like to end the loan and repay the amount borrowed with the accrued interest.
If the value of the original Firo coins used as collateral goes up during the loan period, users are given the option to take out more loans against the same collateral.
What’s the process for ending the loan?
Once individuals are ready to pay off their loans and regain their collateral assets, all they have to do is repay the amount loaned and the APR accumulated during the loan period. As soon as the payment is received, CoinRabbit instantly releases the coins.
Have a question or need assistance? CoinRabbit offers users 24/7 live support.
We’re glad this collaboration offers our users additional flexibility with FIRO they’re hodling, and hope you’ll find it useful! If you would like to see more partnerships with companies and merchants, share your ideas on our forum!
DISCLAIMER: Users should always be aware of the risks of using any platform that holds your cryptocurrency including Coinrabbit. There are always risks of loss which can be caused by but not limited to insolvency, hacks or custody issues. Please visit CoinRabbit.io for complete Terms and Conditions.