Box Advance
Dollars against your crypto. One fixed fee.
You borrow USDT or USDC against crypto held in a vault set up only for you: bitcoin (BTC), ether (ETH), solana (SOL), XRP and BNB, with more to come. The fee is a fixed fee of 9.25% of the advance, stated in your Advance Confirmation before the advance is made.
- Who
- Businesses, HNW individuals and professional investors
- Collateral
- BTC, ETH, SOL, XRP, BNB
- Advance
- Up to 60% of collateral value
- Fee
- One fixed amount
Overview · example in bitcoin · illustrative
Where your collateral and your dollars are
The example pledges 2.0000 BTC at USD 100,000 and takes an advance of USDT 100,000. The fee is a fixed 9.25% of the advance, USDT 9,250.
A vault only for you
Kept apart from every other client's, and not lent, staked or re-pledged, so it earns no yield while pledged.
Custody →One lender: Boxwind CR
You contract with Boxwind CR, S.R.L., a company incorporated in Costa Rica. It is the lender and holds the collateral.
Who you contract with →If the price falls
Some or all of your collateral can be sold, with little or no notice, and you may still owe a shortfall.
The levels and notices →Eligibility checker
Can you apply?
Three yes or no questions. You get an answer straight away, and a plain reason if it is not yet. A guide only: nothing you choose here is sent anywhere.
Are you a business, a high-net-worth individual or a professional investor?
Box Advance is not available to retail consumers. We may ask for evidence of your status.
Will you pledge bitcoin, ether, solana, XRP or BNB that you own?
More assets are to come.
Can you provide the documents we ask for?
For a business: certified constitutional documents, a board resolution, beneficial-owner evidence and specimen signatures. For an individual: the checks are on you, including identity, address, source of wealth and source of funds.
Some countries are restricted: see restricted countries.
Onboarding · the six steps
From first call to first payment
In the order they happen. If we agree to go ahead, both sides sign.
Talk to us
Tell us who you are, what you need and roughly how much of which asset you expect to pledge. We tell you whether Box Advance fits. Enquire about an advance →
Due diligence
If you are a business, we check your company and, where they apply, its beneficial owners, directors and authorised persons. If you are an individual, the checks are on you. We also check the collateral you plan to pledge, including where it came from and its blockchain history, and we may ask where your funds and wealth come from. You send the documents on the checklist below.
Sign the Master Crypto-Backed Advance Agreement
It gives Boxwind CR security over your collateral and sets the custody terms. You also sign the Risk Disclosure Statement.
Deposit address and whitelisting
You give us the addresses in your name that we may send to, one for each asset you pledge. We verify each one, which can include a test transfer. For each asset we then issue a deposit address on that asset's own network, listed below. A deposit counts once it has the confirmations or finality its network requires.
Advance Confirmation
You submit a proposed Advance Confirmation. We may accept, vary or decline it. If we agree, both sides sign. It shows the amount, the fixed fee in USDT or USDC, the maturity date and every LTV level, and it is signed before the advance is made.
Payment
We pay the advance in USDT or USDC to your whitelisted address, less the upfront half of the fee. We never pay a third party. If the price falls between signing and payment, we may reduce the advance to stay within 60%, the bitcoin rate. The rate and levels for other assets are set for each asset and stated in your Advance Confirmation.
You send no collateral until you have signed the agreement, and we pay nothing until both sides have signed an Advance Confirmation.
| Asset | Send it on | Also needed |
|---|---|---|
| Bitcoin (BTC) | The Bitcoin network | Nothing else |
| Ether (ETH) | Ethereum mainnet only | Not other networks or layer-2s |
| Solana (SOL) | Solana mainnet | Nothing else |
| XRP | The XRP Ledger | The destination tag we give you, with every transfer |
| BNB | BNB Smart Chain (BEP-20) only | Not other BNB networks |
The confirmations or finality required for each network are stated in your Advance Confirmation.
Interactive checklist
Documents and details to have ready
Have these ready and the process is shorter. This list is for a business client. For an individual, the checks are on you, and we tell you what we need. Tick what you already have. Ticks stay on this page only and are not sent to us. Reloading the page clears them.
Nothing ticked yet. Start with the constitutional documents.
If nothing happens, use Ctrl/Cmd + P.
We may ask for more, for example where the source of funds or the collateral needs further checks. Do not email wallet seed phrases, keys or passwords to anyone.
Repay and release · example in bitcoin
Repay, and your crypto is released
Repay at maturity, early or in part. We release your collateral, to a whitelisted account of yours, within one business day of receiving everything you owe on all your advances in cleared funds, less network fees. A business day is a day banks are open in San José, Costa Rica, and New York. We may delay a release if the law requires it.
The example is 2.0000 BTC pledged at USD 100,000, an advance of USDT 100,000 and a fixed fee of 9.25% of the advance, USDT 9,250.
How would you repay?
| Notice | Pay on the maturity date in your Advance Confirmation |
|---|---|
| You pay | USDT 104,625: the advance of 100,000 plus the maturity half of the fee, 4,625 |
| Fee | USDT 9,250 in total: 4,625 deducted on day one and 4,625 now |
| Still owed afterwards | Nothing, apart from any pass-through costs |
| Your collateral | All 2.0000 BTC, less network fees, released within one business day of our receiving everything owed in cleared funds |
Illustration only. It leaves out network fees and other pass-through costs, which are charged at actual cost: see fees. Your Advance Confirmation sets the terms that apply.
- At maturity. Pay in the advance currency, on the network stated in your Advance Confirmation, in cleared funds, to the wallet we designate.
- Early. Repay all or part at any time before maturity, on one business day's notice, with no penalty. The fee is unchanged: the upfront half is not refunded and the maturity half is still due.
- In part. A partial repayment lowers your advance and your LTV, not the fee. It is applied first to the advance, then to the fee, unless we agree otherwise. Your collateral stays in the vault.
Repayment value
Each unit you owe is worth USD 1.00
While your stablecoin's reference price is not below USD 0.99, you repay one unit for each unit you owe. If it is below USD 0.99 when you repay, you pay enough units to equal the dollars due. You may instead pay in the other stablecoin, one for one, if its reference price is not below USD 0.99.
| Stablecoin reference price | Units you pay |
|---|---|
| USD 1.00 | 104,625 |
| USD 0.98 (below USD 0.99) | 106,761 |
If you do not repay at maturity
Your collateral may be applied. No late fee is added.
No further notice is needed. If you do not pay what you owe on the maturity date, we may apply your collateral without further notice. No amount is added to what you owe because the payment is late. A default adds no extra fee; enforcement costs can still apply.
If a sale does not cover what you owe, the shortfall is still a debt. What happens after a sale →
Extension
Extending is a new agreement, not a rollover
An advance can be extended only by a new Advance Confirmation, with a new fee (one fixed amount, as for any advance), signed by both of us before the maturity date. Nothing renews automatically, and we are not obliged to extend. Every request is subject to our discretion.
Release of excess collateral
Below 60%, you may be able to ask for collateral back
You do not have to repay in full to get some of your collateral back. All three conditions must be met. The levels, and the notices we send as the price moves, are on If the price falls.
Your LTV is below 60%
That can happen if the price rises, or after you repay part of the advance. At or above 60%, nothing is released.
After the release, your LTV is no higher than it started
We release part of the collateral only if your LTV straight afterwards would be no higher than your starting LTV. Example in bitcoin: the starting LTV is 52.3%, so with no repayment nothing is releasable until the price is above USD 100,000.
No default is running
We release it to a whitelisted account of yours, provided no event of default or ineligibility event is continuing.
Why borrow instead of sell
Use the dollars. Your crypto is released when you repay.
| Topic | Sell the crypto | Box Advance |
|---|---|---|
| Dollars now | Yes, from the sale | Yes, in USDT or USDC, less the upfront half of the fee |
| Your crypto | You no longer hold it | Held in a vault set up only for you, released when you repay |
| Tax | May be a taxable disposal | We do not give tax advice: ask your own adviser how an advance or a sale would be treated for you. A later sale of collateral may also be a taxable disposal |
| If the price falls | You have already sold | Your collateral may be sold, with little or no notice. A shortfall remains a debt |
| Owed afterwards | Nothing | The advance plus the maturity half of the fee, plus any pass-through costs |
Selling ends your position. An advance gives you dollars now and keeps the collateral in the vault until you repay. See what happens if the price falls →
Next
See the numbers, then talk to us
Run your own figures first. Every application is subject to due diligence, and we may decline any application or request. Nothing on this site is an offer.