Pawnshops are known for an easy way to temporarily liquidate one’s assets. This comes handy in times of emergencies and where people do not want to part ways with their assets while also wanting to benefit from them.
Building upon this notion, one pawnshop network in Ukraine is aiming at a market segment which might just fit these requirements perfectly.
Skarbnytsya, a network of pawnshops in Ukraine, recently announced its plans to offer cryptocurrency-based loans to interested customers.
According to local news outlets, the company, which reportedly has 300 pawnshops across the country, will focus on making the lending process easier for these specialized asset-based loans, and will ensure not to implement difficult policies but to design them according to loan specific details such as the required amount and the tenure which the user is interested in. It was also specified that the loans will be at the tenure of 31 days, but that duration can be discussed upon the time of issuance.
Since cryptocurrency prices change within the hour and the loans are to be offered in Ukrainian Hryvnia (UAH), it was further mentioned by the company that it will implement a system to ensure that any fluctuation in pricing gets accounted for while also making sure that the users’ best interests are not neglected.
Skarbnytsya further mentioned that once the loan amount has been repaid, the cryptocurrencies will be provided back to the user, just like any other pawnshop transaction.