US based Coinbase, one of the largest & regulated Cryptocurrency Exchange announced that US customers can soon avail the facility of Bitcoin backed loans.

In this the customers can borrow loan in fiat money against 30% of their value in Bitcoin holdings & maximum up to $20,000 USD.

This loan could be of help to customers who in times of distress need such loans without selling off their Bitcoins which otherwise might have incurred a taxable gain or loss. The loan also has the lowest APR rate @ 8% without credit check. The customer has only to pay the interest per month and can wait up to a year to repay the principal amount (T&C).

As per the announcement this offer is currently available to the residents of the following US states: Alaska (AK), Arkansas (AR), Connecticut (CT), Florida (FL), Georgia (GA), Illinois (IL), Massachusetts (MA), New Hampshire (NH), New Jersey (NJ), North Carolina (NC), Oregon (OR), Texas (TX), Virginia (VA), Nebraska (NE), Utah (UT), Wisconsin (WI) and Wyoming (WY).

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