Aven Launches Bitcoin Visa Card With Up to $1M BTC-Backed Credit Line at 7.99% APR

Gate News message, April 27 — Fintech startup Aven has launched the Aven Bitcoin Visa Card, offering a bitcoin-backed line of credit of up to $1 million at a fixed 7.99% APR with loan terms up to 10 years.

According to Aven's analysis of leading bitcoin lending providers, this represents a significant improvement over typical market conditions. Most bitcoin-backed loans carry APRs of 10% or higher with maximum terms of 12 months. Aven, founded in 2019, operates a machine-banking platform that uses asset-backed credit cards to reduce borrowing costs. The company claims to have saved users $300 million in interest payments since its inception.

Borrowers will deposit their bitcoin collateral with BitGo for custody. The card, issued by Washington state-chartered Coastal Community Bank, carries no annual or origination fees and offers unlimited 2% cash back on purchases.