Crypto
USBC Digs into $3M Bitcoin-Backed Loan
USBC, Inc. has drawn an additional $3 million loan under its Master Loan Agreement with Payward Interactive, Inc.
The agreement allows USBC to borrow up to $25 million in aggregate principal over a twelve-month period, subject to individual loan term sheets.
The outstanding loans bear interest at an annual rate of 8.5% and will mature on September 11, 2027, unless terminated earlier according to the agreement's terms.
The borrowings are secured exclusively by Bitcoin, with 479 Bitcoin held in custody by Payward Financial, Inc., an affiliate of the lender.