CheckSig Announces the First Bitcoin-Backed Loan and Launches a New Capital Raise

The Italian fintech company solidifies its position as a leader in crypto innovation by serving as the arranger and escrow holder for the first Bitcoin-backed loan in Italy and announcing its new capital increase

Milan, November 28, 2024 – CheckSig has acted as the arranger and escrow holder for the first Bitcoin-backed loan in Italy:
an innovative service enabling two parties to enter into a loan agreement using digital assets as collateral to secure euro liquidity. This historic first transaction involved a pool of lenders financing a single borrower, with the following characteristics:

• Loan amount: €1.15M
• Yield: 10% (a remarkable 3.7x the yield of the annual BOT, currently at 2.695%)
• Duration: 1 year
• Collateral: 64 Bitcoin (equivalent to 500% of the loan amount)
• Margin call: Collateral adjustment at 160% of the loan amount
• Automatic liquidation: Triggered at 140% of the loan amount

“Banks should lead innovation in this sector, but they are absent,” Ferdinando Ametrano, CheckSig CEO, emphasized. “With this service, CheckSig addresses market needs by bridging the gap between the demand and supply of Bitcoin-backed credit, offering competitive yields and excellent guarantees. We are ready to facilitate additional operations like this and are equally prepared to assist banks interested in entering the world of crypto services, hoping they will take on the role of lenders and intermediaries.”

CheckSig: Extraordinary Growth and a New Investment Round

The Italian fintech confirms itself as benchmark for Bitcoin and crypto. Founded in 2019, the company is set to close 2024 with another record year-over-year growth:

• +275% in assets under custody, exceeding €120 million
• +260% in trading volumes, reaching €50 million
• +250% in profits, showcasing growing profitability

After completing a €2.7 M investment round in April at a post-money valuation of €25 M, today CheckSig announces the opening of a Series A extension round with a €30 M pre-money valuation, aimed at accelerating growth and international expansion.

Bitcoin Nears $100,000: A Context of Great Optimism

The recent Bitcoin rally is driven by a combination of strategic factors: the approval of Bitcoin ETFs in January has encouraged institutional investor participation, while the April halving has reduced the available market supply. Additionally, the implementation of the MiCA regulation is paving the way for a globally competitive European capital market. Finally, Donald Trump’s election in November, with Elon Musk’s backing, has injected further optimism into financial markets.

“With Europe poised to develop a robust capital market within the next 12-18 months, the rally could continue more sustainably compared to the past,” says Ametrano. “Bitcoin could surpass $140,000 if Trump’s electoral promises are fulfilled. We are ready to serve Bitcoin investors.”

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