Lender comparison
Last updated July 2026 by Bitcoin First.
| Parameter | Firefish | Sygnum | AMINA | Bitcoin Suisse | Mt Pelerin | Ledn | Debifi |
|---|---|---|---|---|---|---|---|
| Status | ✓ Confirmed by lender 07/2026 | Public info, awaiting confirmation | Public info, awaiting confirmation | Public info, awaiting confirmation | Public info, awaiting confirmation | Public info, awaiting confirmation | Public info, awaiting confirmation |
| Model | P2P multisig marketplace (EU, MiCA) | Regulated Swiss bank | Regulated Swiss bank | Swiss pioneer, in house custody | Geneva fintech | Offshore custodial (Cayman) | Non custodial multisig marketplace |
| Custody | 3 of 3 Taproot multisig, open source | Bank custody (MultiSYG 3 of 5 with borrower key announced H1 2026) | Bank custody | In house custody | Collateral held in Switzerland | Third party custodian | 3 of 4 multisig, borrower keeps a key |
| Rehypothecation | Impossible by design | No | No | Stated no | Stated no | Possible on standard product, segregated option exists | Impossible by design |
| Max LTV | 50% | ≈50% | ≈50% | ≈50% | ≈50% | ≈50% | up to 70% |
| Margin call | Staged 73 · 79 · 86% | Bank set | Bank set | To be confirmed | To be confirmed | ≈70% | Staged 75 · 80 · 85% |
| Liquidation | Only above ≈95% | Bank set | Bank set | To be confirmed | To be confirmed | ≈80% | Per lender |
| Cure period after margin call | Asked, awaiting answer | Asked, awaiting answer | Asked, awaiting answer | Asked, awaiting answer | Asked, awaiting answer | Asked, awaiting answer | Asked, awaiting answer |
| Rates | 5 to 8% market set; OTC ≥€50k ≈ +2pp | To be confirmed | To be confirmed | To be confirmed | To be confirmed | ≈11 to 14% | Market set |
| Min loan | 800 EUR/CHF | ≈CHF 100k+ | High | ≈CHF 10k | ≈CHF 5k | ≈USD 1k | ≈USD 10k |
| Loan style | Bullet, 3 to 24 months, early repayment free | Lombard line | Lombard line | To be confirmed | To be confirmed | Monthly interest | Per lender |
Rows marked "public information" are compiled from lender websites and announcements as of the date above and may change without notice. Confirmed rows come from written answers by the lender to Bitcoin First. Rates and thresholds always follow the lender's contract.
Mechanics
The ratio between what you owe and what your bitcoin is worth right now. It moves every time the price does.
The LTV at which the lender asks you to add collateral or repay part of the loan. You still control the outcome, as long as you can act in time.
The LTV at which the lender sells your bitcoin to close the loan. Worked example: 1 BTC at CHF 100'000, loan CHF 30'000 = 30% LTV; at a 70% margin call threshold, bitcoin must fall to about CHF 42'900 before trouble.
Learn more
Answers we give clients before they borrow. Tap any question to open.
Bitcoin trades 24/7 but bank transfers don't move on weekends. A Saturday price gap can trigger a margin call you cannot cure until Tuesday, which is why the cure period and automatic or discretionary liquidation matter more than the headline rate.
Yes. Swiss-regulated banks and fintechs offer them, alongside international non-custodial platforms available to Swiss residents.
It's when a lender re-lends your collateral. If that lender fails, your bitcoin can be gone even if you never missed a payment. That's how clients of Celsius lost coins in 2022. Multisig escrow models make it structurally impossible.
No guarantee exists, but at 30% LTV bitcoin must fall roughly 57% before a typical 70% margin-call threshold is reached. Above 50% LTV, ordinary volatility can trigger liquidation.
The time a lender gives you to add collateral or repay after a margin call before escalating. On weekends, when bank transfers don't move, this clause decides everything.
Generally no for private investors. That means the reason to borrow in Switzerland is usually keeping your position, not tax.
Bitcoin First, an independent advisory in Geneva. No commissions or referral fees from any lender; clients pay a flat fee directly.