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Bitcoin Lending Platform Lava Announces $200 Million Funding Round, With Participation from Anthony Pompliano
BlockBeats News, November 4th, according to BitcoinMagazine, Bitcoin lending platform Lava has completed a $200 million financing round and launched a new product — Bitcoin Line of Credit (BLOC). This product functions similarly to a securities-backed loan or a home equity line of credit, but allows users to borrow flexibly against their Bitcoin collateral, without being subject to the typical monthly repayments or term limits common in the current Bitcoin-backed lending market.
Additionally, Lava has brought on board two prominent angel investors, namely Bitcoin investor and entrepreneur Anthony Pompliano, and EMJ Capital founder Eric Jackson.
Lava is a closed-source self-custody wallet that enables users to receive loans of up to 50% of their highest Bitcoin balance (in USD equivalent) through the Lava application. Most loan products and USD payment rails can be accessed without providing personal information, distinguishing Lava from its many competitors, positioning itself between pure DeFi and more modern cryptocurrency financial institutions. Moreover, Lava offers a "liquidation protection" feature, which can draw funds from the Bitcoin balance users deposit into the application and add them to the collateral account to protect users from liquidation during extreme Bitcoin price fluctuations.
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