Coinloan, a P2P lending platform for crypto-to-fiat loans, is now accepting Monero as collateral. The Estonian-based startup rolled out an update allowing to use privacy oriented coin Monero (XMR) to get credit in fiat currencies (USD, EUR, GBP, RUB) or stablecoins (TUSD, GUSD, USDC).

The coin choice stems from the fact that Monero is the number one cryptocurrency for private and censorship-resistant financial operations. It provides a secure place to conduct transactions, using cryptography to shield sending and receiving addresses, as well as transacted amounts.

The World’s First Monero-Backed Loans

There is a large community behind XMR that has now gained an opportunity to acquire fiat with no need to sell favorite cryptoasset. It opens the door to multiple use cases from leverage and hedging to tax optimizations and fast cash keeping HODL.

Those who haven’t acquire Monero yet can trade XMR on CoinLoan Crypto Exchange without having to leave the platform.

Lending Beyond the Limits

As the crypto-to-fiat lending market becomes highly competitive, CoinLoan chooses unique features and flexible loan terms as a competitive advantage. Monero listing is an example of such a strategy.

Max Sapelov, Co-founder and CTO at CoinLoan, explained:
“Our biggest competitors will not be able to accept Monero, even if they wanted to. Simply because BitGo wallet service they use stuck for specific currencies that don’t include Monero along with a significant number of other promising coins. In contrast, CoinLoan can build complex solutions for crypto from scratch thanks to an expert #DevelopmentTeam . So we will continue to list more coins missed out by BitGo for better coverage of the crypto market”.

For more information, please visit the CoinLoan site.