• Firefish Cash enables Borrowers receive cash loans and use Bitcoin to secure them
• To secure your loan, we require you to place your Bitcoin in a designated multi-signature escrow address. This escrow can only be accessed in two ways: returned to your wallet (e.g. if you pay back the loan) or transferred to the liquidator's address (e.g. if you don't repay the loan by the due date).
• For the loan to be safe for both you and the Investor, it's important that the value of the collateral always exceeds the value of the loan. The require initial Loan-To-Value ratio is 50%, which means the value of collateral is 2x the size of the loan.
• If the value of your Bitcoin falls close to the value of the loan (due to a significant drop in the Bitcoin exchange rate), your Bitcoin will be sold on the open market, and the proceeds will be used to pay off the loan. This process is known as liquidation. The current liquidation level is set at 95% loan-to-value (LTV), meaning that if the value of your collateral gets to 95% of the loan amount, liquidation would be triggered to protect the lender's interests.
• You have the option to add more Bitcoin to the collateral to maintain a safe margin and prevent liquidation. Furthermore, if you are able to pay off the loan early, it eliminates the risk of liquidation entirely.
• In a highly unlikely scenario of a complete meltdown of Firefish infrastructure you have the ability retrieve your Bitcoin from the escrow. To do this, you can after a certain date in the future (the loan maturity date plus a specific buffer period, usually 1 month) broadcast a special recovery transaction that is at your disposal from the moment you setup your escrow.

Firefish Cash Step-By-Step

1. If you’re interested in borrowing cash against your Bitcoin, click the “+” sign in the loan card or use the “Borrow cash” button.
2. Next, fill in the details about Amount you’d like to borrow and in which Currency. You can also specify the Preferred Loan Period (e.g. 3 months, 1 year) and provide us with any additional comments.

3. After filling the form, click the “Submit borrow interest” button. You will see the details of your interest in the loan card marked as “Pending interest”. Firefish will process your interest and will try to match you with an Investor.

4. Should you wish to cancel and amend your interest, simply click on the “Cancel Interest” button and submit a new one.
5. Once Firefish matches you with an Investor, you can proceed to submitting your details. To do this, click “Submit” button next to “Your details” step of the loan card.

5. Fill in your mandatory contact details and click “Submit your details”. Note that these details are used for generating a Loan Agreement between you and the investor. At the same time, Investor will be provided only with your (anonymised) unique User ID and bank account details, to process the cash transaction.

6. The next step is with the Investor who fills in the identical form and provides their details. Once done, you can proceed to confirming the details of the loan agreement.

7. Double-check the loan details or alternatively click Back to details, if any edits are required. Finally, tick the respective boxes to agree with the Terms of Service and Loan & Security Agreement.

8. Once Investor confirms loan details on their side, you can proceed to the Bitcoin Escrow setup process.

9. First, due security reasons you will be asked to confirm your current firefish.io app password.

10. Next, enter your Bitcoin return address. This address will be used to return your Bitcoin collateral at maturity (or after a default). Please note that this address can’t be changed during the lifetime of the loan!

11. You can then proceed to the Bitcoin transfer. You can either use the embedded QR code or the below mentioned address. In that case, please make sure you transfer the exact amount of Bitcoin that is displayed in the “Bitcoin amount” field.

12. After your Bitcoin transaction is successfully completed the next steps in the Escrow setup process will be conducted by the Oracles. In the mean time, you can safely return to the Dashboard.

13. Once Oracle complete their duties a notification from Firefish will be sent to you and you can finalize the process by clicking “Complete setup”.

14. The final step is to confirm that you have received cash from the Investor. In such case, click the “Confirm” button next to “Payment confirmation” on your loan card.

15. In the Payment confirmation window select the tick-box and click “Confirm funds”. This provides Firefish with a proof that the funds have successfully arrived on your bank account.

16. You are all set! The loan card contains all details about your loan, as well as a link to loan documents and Bitcoin collateral details.

17. Finally, just before the maturity, you will have access to “Transfer instructions” menu which provides you with all repayment details, including Investor’s bank account and the amount due.

18. Once you repay your loan (i.e. send the amount due to the Investor), you can confirm the repayment in the following window by clicking “Confirm bank transfer”.

19. Upon confirmation from the Investor, your Bitcoin will be returned and your loan is successfully closed!

• View loan documents - access to loan agreement and loan confirmation
• Top-up collateral - start a collateral top-up process
• Save recovery transaction - download text file of the Bitcoin recovery transaction
• Request early repayment - submit a request to repay the loan before maturity
• Add maturity event to calendar - download .ics file to import loan maturity event into your calendar

• Firefish Earn enables Investors earn income by providing funds for Bitcoin-backed loans
• To ensure the security of your loan, we require the Borrower to place their Bitcoin in a designated multi-signature escrow address. You can easily track the activity on this escrow address using a public blockchain explorer.
• Your investment is always protected as the value of the collateral exceeds the value of the loan.
• If the value of the Bitcoin collateral drops close to the value of the loan (due to a decline in the Bitcoin price), the collateral will be sold on the open market and the proceeds used to pay back your investment. This process is called liquidation. Liquidation may also occur if the Borrower fails to pay back the loan on the due date.
• You don't need to worry about handling, trading, or exchanging Bitcoin yourself. You can choose to use a trusted third party, known as the Liquidator, to handle the process of liquidation on your behalf. However, if you are comfortable working with Bitcoin, you have the option to opt-out and act as your own liquidator.

Firefish Earn Step-By-Step

1. If you have free cash and would like to invest it to earn an interest, click the “+” sign in the loan card or use the “Invest cash” button.
2. Next, fill in the details about Amount you’d like to invest and in which Currency. You can also specify the Preferred Loan Periods (e.g. 1,3 and 6 months) and your PMinimal acceptable yield (e.g. 6.5%). You can provide us with any additional comments.

3. After filling the form, click the “Submit investment interest” button. You will see the details of your interest in the loan card marked as “Pending interest”. Firefish will process your interest and will try to match you with a Borrower.

4. Should you wish to cancel and amend your interest, simply click on the “Cancel Interest” button and submit a new one.
5. Once Firefish matches you with a Borrower, you can proceed to submitting your details. To do this, click “Submit” button next to “Your details” step of the loan card.

5. Fill in your mandatory contact details and click “Submit your details”. Note that these details are used for generating a Loan Agreement between you and the borrower. At the same time, Borrower will be provided only with your (anonymised) unique User ID and bank account details, to process the cash transaction.

6. The next step is with the Borrower who fills in the identical form and provides their details. Once done, you can proceed to confirming the details of the investment.

7. Double-check the loan details and tick respective boxes to agree with the Terms of Service and Loan & Security Agreement.

8. In the next step, Borrower locks their Bitcoin collateral. One the process which might take a couple of days is finalized, you will be notified to transfer funds to Borrower’s bank account. Details of the transfer are available when clicking on “Transfer funds”.

9. Once you execute the funds transfer, you can confirm this by selecting the “I confirm” tick-box and clicking “Confirm bank transfer”.

10. You are all set! The loan card contains all details about your investment, as well as a link to investment documents and Bitcoin collateral details.

11. Finally, at maturity, you will have access to “Confirm return” menu which provides gives you the ability confirm that Borrower returned your investment with interest earned (Amount due).

12. Once you receive all the funds from Borrower, you can proceed to confirming the repayment by selecting the “I confirm” tick-box and clicking on “Confirm repayment” button.

13. Your investment is successfully closed!