Do you have Bitcoin, need cash, and don’t want to sell? Try the Firefish service. They currently have over 1,000 Bitcoins in collateral.
The service is really simple. Registration takes just a few clicks—only larger loans require identity verification. You can either invest or borrow funds. Both options are available in CZK and EUR, with EUR offering more favorable interest rates. The supply of loans and investments is steadily growing. Interest rates hover around 8%. You can choose the loan duration. I personally tried a 12-month loan, which didn’t get funded, but after shortening it, I received the money quite quickly. There’s also an instant loan option, though it comes with a higher interest rate. Firefish is also looking for large investors to allocate bigger amounts for covering loans (kind of like the crypto-world version of Zonky).
Getting a loan or securing funds takes no more than 10 minutes. Firefish provides a step-by-step guide on what to do and where to send your BTC. I wish they had a native Ledger connector (not sure if it’s possible 😅), so people wouldn’t stress over sending it wrong.
Once everything’s set up, you simply wait for the counterparty to send the money to your bank account. The whole process is usually done within 24 hours.
Advantages: Simplicity, speed, transparency (you always see the fees upfront)
Advert-------Disadvantages: Higher interest, collateral must be twice the loan amount
Why use it? There are many reasons. One smart use case is for long-term Bitcoin holders who haven’t yet passed the capital gains tax holding period (3 years in CZ, valid from Feb 2025). Paying 8% interest is better than 15% tax 😄. Or for miners needing to pay invoices while BTC is low (around $84k at the moment). I just wanted to try it out—even if I could get a cheaper loan elsewhere—and I must say the system is functional, fast, and overall a great solution. Brilliant idea!
What does ChatGPT say about Firefish.io?
Firefish.io is a modern peer-to-peer platform that allows users to get cash loans backed by Bitcoin without selling their BTC. This way, Bitcoin holders can access liquidity while keeping their crypto safe.
🔐 How Firefish works
- Bitcoin-backed loans: Users deposit BTC as collateral into an on-chain escrow system.
- No credit checks: Loans are granted without any credit score verification.
- Flexible terms: Loan terms range from 3 to 18 months, with a single repayment at the end—no monthly installments.
- Supported currencies: EUR, CZK, and USDC.
- Security: Bitcoin is locked in a multi-sig escrow contract, eliminating the need for trust in a third party.
💸 For investors
- Fixed returns: Investors can earn up to 13% annually.
- Low risk: All loans are backed by Bitcoin collateral, providing protection in case of default.
- Direct matchmaking: Investors choose the loans they want to fund and are directly connected with borrowers.
📈 Stats (as of April 2025)
- Users: Over 10,000 registered users.
- Transaction volume: Over $100 million in loans processed.
- Collateral: Over 1,000 BTC locked in escrow.
🌍 Origin and expansion
Firefish was founded in Prague in 2022 by Martin Matějka and Igor Neumann. In April 2025, the company secured $1.8 million in funding from investors such as Braiins and Miton C, supporting its global expansion and the development of the institutional lending program Firefish Prime.
🔗 More info
- 🌐 Website: firefish.io
- 🧠 Blog and docs: firefish.io/docs
- 💬 Community: Discord (link available on their website)