%201.webp)
Shakepay has launched BLOC, a bitcoin-backed line of credit for eligible customers in Canada. The product lets users borrow against bitcoin held on the platform.
Customers can access the credit line through the app and track available credit, payments, collateral, and loan-to-value ratios in one place.
BLOC is designed for customers who want access to cash without selling their bitcoin holdings. It can be used for needs such as funding a business opportunity, covering a large purchase, or managing an unexpected expense.
According to details published by Shakepay, customers can borrow up to $50,000, with rates starting at 9.5% APR. Eligible bitcoin can be posted as collateral, and users can add or withdraw collateral subject to the product's terms.
Credit availability, borrowing limits, pricing, and collateral requirements vary based on customer eligibility and product terms. Shakepay did not provide broader eligibility figures in the announcement.
Jean Amiouny, Chief Executive Officer of Shakepay, described the launch as an effort to give bitcoin holders another financing option.
"Canadians who hold bitcoin shouldn't have to choose between their long-term conviction and the short-term opportunities they want to pursue," Amiouny said.
"You shouldn't have to sell what you've worked to build to fund what comes next. BLOC gives eligible customers another option: access to liquidity while continuing to hold their bitcoin."
Product push
The credit line follows other recent product launches. Earlier this week, Shakepay introduced savings accounts that pay interest on cash weekly in bitcoin, including a 5% promotional rate for customers enrolled in its Shakepay Blue tier.
The sequence of launches suggests Shakepay is broadening its offering beyond crypto trading and card-based rewards into more conventional consumer finance products tied to digital assets. The latest move also reflects a broader effort by crypto firms to allow customers to withdraw liquidity from token holdings without selling them.
Founded in 2015, Shakepay has built its brand on providing retail users with access to bitcoin through a mobile-first service. The company said more than 1.5 million Canadians have used the platform and that more than $15 billion in digital currency has been exchanged on it.
Regulatory footing
Shakepay said its trading platform is operated by Shakepay, a member of the Canadian Investment Regulatory Organisation and a registered investment dealer with the Autorité des marchés financiers and securities regulators in every Canadian province and territory.
The line of credit is offered through Shakepay Credit, which is a FINTRAC-registered money services business. The company added that the unit received exemptive relief to offer bitcoin-backed credit to eligible customers.
Borrowing against crypto assets carries risks tied to swings in the value of the underlying collateral. Shakepay said customers may need to add more collateral or repay part of their balance if the value of the pledged bitcoin falls, and some or all of the collateral may be liquidated under the terms of the agreement.
That means the product may offer flexibility when markets are stable or rising, but it also exposes borrowers to margin pressure during periods of volatility. Bitcoin-backed lending has long been a feature of the digital asset market, though the sector has also faced scrutiny after sharp price declines in previous market cycles.
The launch adds to a growing number of efforts by crypto platforms to turn long-held digital assets into a source of mainstream consumer borrowing.