Terms at a glance
| Product model | Marketplace |
|---|---|
| Advertised rate | From 5% · Advertised starting rate |
| Rate conditions | Plus a 1.5% p.a. origination fee and network fees; marketplace offer determines price. |
| Collateral | BTC |
| LTV | 50% initial LTV |
| Term / structure | 3–24 months advertised |
| Funding | Supported fiat currencies / USDC |
| Collateral model | Bitcoin multisignature escrow |
| Fees | 1.5% p.a. origination deducted from BTC + network fees |
Source: Firefish documentation. Figures describe the reviewed product, not an offer available to every borrower. See rate-source notes for documented discrepancies.
What to weigh up
Why borrowers consider it
Bitcoin escrow and a choice of supported bank currencies or USDC; standard requests can specify desired loan terms.
Tradeoffs and responsibilities
Matching liquidity matters. The service fee is deducted from Bitcoin collateral, and partial repayment does not itself improve the documented collateral-health calculation.
Common questions about Firefish
These answers cover borrowing costs, collateral and repayment. Eligibility and the signed agreement determine the terms of an actual loan.
What is Firefish and how does borrowing work?
Firefish connects borrowers with funding through a Bitcoin-secured marketplace, using an escrow structure instead of a conventional custodied loan.
What rate does Firefish charge?
The reviewed source shows From 5% (advertised starting rate). Plus a 1.5% p.a. origination fee and network fees; marketplace offer determines price.
Which collateral can I use with Firefish?
The documented collateral is BTC. 50% initial LTV. Supported assets and limits must match the specific product and account offer.
Who controls collateral with Firefish?
The documented model is: Bitcoin multisignature escrow. Matching liquidity matters. The service fee is deducted from Bitcoin collateral, and partial repayment does not itself improve the documented collateral-health calculation.
How long can I borrow and what can I receive?
The documented term or structure is: 3–24 months advertised. Funding is described as Supported fiat currencies / USDC. Confirm the repayment asset and schedule before borrowing; a crypto payout may require a separate conversion to pay a fiat expense.
What fees should I include in a Firefish quote?
1.5% p.a. origination deducted from BTC + network fees. Compare net proceeds and the payoff amount on your planned repayment date. Avoid adding a charge twice if it is already included in APR.
Is Firefish’s starting rate an all-in APR?
No all-in conclusion follows from the headline. Add the disclosed 1.5% p.a. origination fee, network costs and the accepted offer’s interest, using the actual loan duration.
Can I lose collateral when borrowing through Firefish?
Yes. Collateral-price declines, interest accrual or failure to meet repayment obligations can lead to collateral sales under the applicable rules. Custody, counterparty, smart-contract and operational risks depend on the product. Keep a repayment and collateral-management plan; no rate or starting LTV makes a loan risk-free.
Sources and further reading
- Firefish: reviewed product documentation
- Firefish: product website
- Firefish: supporting documentation (/borrow)
- Firefish: supporting documentation (/faq/borrowing/collateral)
- Firefish: supporting documentation (/faq/borrowing/bitcoin)
These answers summarize the dated research used throughout this site. They do not reflect hands-on borrowing tests or a live rate feed. Read the methodology.