Firefish
Non-custodial Bitcoin-backed loans via P2P multisig escrow—borrow fiat without selling BTC, or earn up to 15% APY lending.
Why We Recommend Firefish
Firefish operates on a fully non-custodial model where your Bitcoin collateral is never held by the platform. Instead, BTC is locked in on-chain multisignature escrow contracts directly on the Bitcoin network, with no reliance on sidechains or smart contract platforms. The platform explicitly states it does not have access to Bitcoin collateral—it is never touched, traded, or rehypothecated.
The protocol includes advanced recovery mechanisms using pre-signed recovery transactions and time locks, ensuring borrowers can reclaim collateral even in catastrophic scenarios. All loans are over-collateralized (50% initial LTV), with a Collateral Health Index monitoring system that triggers margin calls before the 95% liquidation threshold.
Firefish raised $1.8M in seed funding led by Braiins (the world's oldest Bitcoin mining pool) with participation from Miton VC. The platform has processed over $250M in transactions with 2,400+ BTC in collateral and 10,000+ users. Based in Prague's Bitcoin ecosystem alongside Trezor and SatoshiLabs, with KYC/AML compliance via third-party provider Idenfy.
Best For
Bitcoin holders who need liquidity without triggering taxable events or giving up their stack. If you're a long-term HODLer who needs cash for a major expense, business capital, or investment opportunity, Firefish lets you borrow against your BTC while maintaining exposure to potential upside. Loans start at €800 with terms from 3-24 months.
Investors seeking Bitcoin-secured fixed income will find yields up to 15% APY on loans backed by on-chain BTC collateral. The platform is designed so lenders never need to handle wallets, keys, or cryptographic material—just bank transfers or stablecoin movements. This makes it accessible to traditional finance participants wanting Bitcoin-backed exposure without technical complexity.
Institutions and high-net-worth individuals can access larger loan amounts through the P2P marketplace, with rates determined by open market matching rather than centralized pricing.
Services & Features
- Bitcoin-backed loans (EUR, USDC, CHF, CZK, PLN)
- Non-custodial multisig escrow
- P2P marketplace with market-driven rates
- Yields up to 15% APY for lenders
- Instant loans with predefined terms
- 50% LTV with margin call protection
- Early repayment and loan rollover
- Collateral top-up during volatility
Considerations
Requires KYC/AML verification for borrowing and lending—watch-only access available without KYC but with limited functionality. Loans require 200% overcollateralization (50% LTV), meaning you need $2 of BTC for every $1 borrowed. Platform relies on Firefish-operated price oracles rather than decentralized alternatives. No Lightning Network support—all collateral is on-chain Bitcoin L1. Specific restricted countries not publicly listed but access blocked where prohibited by local law. Minimum investment €800 per loan. BASIC tier limits: single loan max €15,000, total open loans €30,000.
