US lender to explore viability of crypto loans
IEG Holdings Corp., a provider of $5,000 and $10,000 online personal loans in the United States under the consumer brand Mr. Amazing Loans, has incorporated a subsidiary company, Investment Evolution Crypto LLC, to explore the benefits of bitcoin and other virtual currencies for loans.
The company is looking to work with its other subsidiary, Investment Evolution Inc., to offer bitcoin loans and repayments using virtual currency, and to create its own virtual currency, according to a press release.
IEG said that it currently is researching the potential economic benefits and legal challenges of using virtual currency for loans. If the practice proves to be viable, the company will offer $5,000 and $10,000 loans in virtual currency, the release said.