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Blockchain (the company) lets you borrow USD PAX against collateral

What do you do when you’re rich in cryptocurrencies but you don’t want to sell your positions? The company named Blockchain thinks it has found a solution. It lets you borrow money against cryptocurrencies held in your Blockchain wallet.
As soon as you lock cryptocurrencies in your wallet, you receive USD PAX, a stablecoin that is pegged against USD. You can then convert, send and do whatever you want with your stablecoins. You can pay back your loan whenever you want.
The minimum loan size is $1,000 and Blockchain requires a collateralization ratio of 200%. It means that if you want to borrow $5,000, you need to put down the equivalent of $10,000 in cryptocurrencies as collateral.
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