Shakepay today announced BLOC, a Bitcoin-backed Line of Credit that gives eligible customers access to credit secured by the bitcoin they hold with Shakepay--without requiring them to sell it.

Many Canadians have spent years accumulating bitcoin and may not want to sell it when they need access to cash. Whether pursuing a business opportunity, making a large purchase, or managing an unexpected expense, BLOC gives eligible customers another way to access liquidity while continuing to hold their bitcoin.

Eligible customers can access BLOC within Shakepay and track their available credit, payments, collateral, and loan-to-value ratio in one place. Credit availability, borrowing limits, pricing, and collateral requirements are determined by eligibility and applicable product terms.

"Canadians who hold bitcoin shouldn't have to choose between their long-term conviction and the short-term opportunities they want to pursue," said Jean Amiouny, CEO of Shakepay. "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."

BLOC builds on a week of launches designed to make bitcoin more useful in everyday life. Earlier this week, Shakepay launched savings accounts, giving customers a new way to earn interest on cash, paid weekly in bitcoin, with a 5% promotional rate for Shakepay Blue customers.