Firefish — Peer-to-Peer Bitcoin Loan Marketplace

Firefish operates a peer-to-peer marketplace that matches bitcoin holders seeking liquidity with lenders setting their own currency, rate, term, and collateral requirements. The platform supports bank-transfer and stablecoin settlement, with available offers varying by region and lender. Bitcoin collateral is placed in a transaction-specific multisignature address controlled by the borrower, lender, and an independent platform key, so no party can move the collateral alone during a performing loan. Firefish describes this structure as non-custodial and states that the pledged bitcoin is not rehypothecated. Standard marketplace offers commonly use an initial loan-to-value around 50%, although each accepted contract controls and liquidation protection depends on the selected terms. Identity verification, bank rails, and fiat availability differ by jurisdiction. Firefish is a marketplace and escrow coordinator rather than the balance-sheet lender, so counterparty, dispute, liquidation, and settlement risks remain specific to each matched loan. Borrowers should review the exact multisignature and arbitration terms before funding.