Lines of credit can be offered by many financial institutions with the amount depending on the borrower's credit rating. The process can require paperwork and a credit check, but cryptocurrency has simplified the borrowing experience. Compound Finance isn't a bank, but a platform where users link their external, Ethereum-based wallets to fund assets to borrow later. Opening a line of credit is possible on Compound but involves a different procedure.
The website includes many asset types, but you can reach out to Compound Finance's help desk if you have any questions. You don't need to create an account to link a compatible external wallet. Credit checks and KYC aren't necessary, but the platform depends on an overcollateralization system. You need to deposit more collateral than what you want to borrow. Depositing assets is easy:
You can create your own line of credit by adding assets to your crypto wallet. All of your assets will be shown in the Supply column on the dashboard. You use the sliders next to each deposit type you wish to use as collateral against your loan. When you're ready to borrow, you'll see your Borrow Limit to the right of your assets. Remember to repay what you owe.
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