Australia’s First Crypto Lending Startup Launched

Dec 10, 2018 at 23:47

Helio Lending on Wednesday became the first cryptocurrency lending startup to be introduced in Australia.

According to a report by, the firm revealed plans of offering 50 percent more spending power than they do by holding their cryptocurrency assets.

The interest rate is pegged at 24 percent for those who use their maximum loan-to-value ratio (LVR) of 50 percent which means a person can take loan of as much as half of the value of their crypto holding in the wallet.

Interest rates will drop to 20 percent for a 40-percent LVR, and 17 percent for a 30-percent LVR.

Repayment terms are scheduled between 60 days to five years.

Helio claimed these rates are lower compared to those imposed by competitors.

However, in comparison to Australian-issued credit cards whose interest rates range from 12.5 percent and 20 percent, interest rates among cryptocurrency lenders are intimidating.

Anyone with crypto assets, whether held within or outside of Australia, will be able to access fiat loans of from $1,000 in minimum up to a maximum of $5 million in AUS, USD, EUR and HKD, without having to sell their digital assets.

Customers will, however, require Know Your Customer (KYC) checks and signing lending agreements.

The company also takes custody of the assets used as collateral, which is returned when the person pays the loan to full. A customer can also choose to pay the loan as principal and interest, or in terms of interest only.

The service has even started getting inquiries from interested customers, according to CEO and founder of ETHlend Mr Stani Kulechov. Helio Lending founder and managing director, John O’Shea said there are only two or three providers of crypto loans globally adding that they are excited to enter an untapped area with so much potential for growth and expansion.

Helio is licensed after obtaining an ASIC (Australian Credit Licence)-approved Australian Credit Licence, via the buyout of another lending company known as Cashflow Investment.