Firefish, a European open marketplace for bitcoin-collateralised loans, has raised $1.8 million seed funding.
Bitcoin mining pool Braiins and VC Miton joined the round for Firefish ahead of a global push.
Firefish offers bitcoin holders a simple and secure way to borrow cash against their crypto without relying on a custodian. Using on-chain escrow and peer-to-peer matching, it lets people to use their bitcoin without having to sell and trigger capital gains taxes.
With the euro already supported, it now also offers instant USDC loans as well as Swiss francs.
Martin Matejka, CEO, Firefish, says: “This investment validates our vision and demonstrates that Bitcoin-native lending can be done at scale—without taking shortcuts. Firefish is where serious capital meets Bitcoin-native infrastructure, with open price discovery and zero rehypothecation.”
The firm claims over $100 million in transaction volume, 10,000+ users, and nearly 1000 BTC in escrowed collateral. Braiins recently used Firefish to secure a $400,000 loan.
“It took less than 24 hours to collateralize 8.75 BTC and borrow euros,” says Eli Nagar, CEO, Braiins. “This investment reflects our belief that Bitcoin holders don’t want counterparty risk. With Firefish, the rules are enforced by code, not third-party trust.”