> For the complete documentation index, see [llms.txt](https://docs.bima.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bima.money/introduction/welcome-to-bima.md).

# Welcome to BIMA

## What Bima does

Institutions hold large digital asset balances that sit idle. Selling them means giving up the position and triggering a taxable event. Borrowing against them usually means an interest rate that compounds against you, a margin call schedule, and collateral you can no longer see.

Bima takes a different route. It arranges **structured financing against digital asset holdings** BTC, ETH, BNB and other major assets — so that the holder keeps the position, receives capital today, and pays **no interest rate** on that capital.

The cost is real, but it is not paid in cash. Before anything moves, you agree to a level above which future appreciation is shared. That share of upside is what funds the financing. If the asset never reaches that level, the capital cost is nothing at all.

{% hint style="info" %}
**Bima never holds your assets.** Deposits are made into a dedicated vault operated by **Accountable**, and placed with **FalconX**, the institutional prime broker that provides the capital. Both counterparties are named in writing before you deposit, and both are regulated entities you can diligence yourself.
{% endhint %}

### The three parties

| Party           | Role                                                                                                                                                                                |
| --------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Accountable** | Vault infrastructure. Operates the vault your deposit is made into, with the controls, verification and reporting institutions require.                                             |
| **FalconX**     | Prime broker and capital. Holds the deposited assets and provides the capital released against them. A CFTC-registered swap dealer and MFSA-licensed crypto-asset service provider. |
| **Bima**        | Arranger and administrator. Structures the terms, runs the derivative leg that makes 0% possible, and administers the programme end to end.                                         |

Read more on [Counterparty Framework](/introduction/counterparty-framework.md).

<figure><img src="/files/05d620f2aae7c87308f4c01776305558b2b5afae" alt="Assets are deposited into an Accountable vault, placed with FalconX, and capital is released to you."><figcaption><p>Assets are deposited into an Accountable vault, placed with FalconX, and capital is released to you.</p></figcaption></figure>

## How it works

<figure><img src="/files/abd2d4a6d3fbcfbfb5fac862d1523aac3548d132" alt="The five stages of a Bima programme, from deposit to settlement."><figcaption><p>The five stages of a Bima programme, from deposit to settlement.</p></figcaption></figure>

{% stepper %}
{% step %}

### Deposit

Assets are deposited into a dedicated **Accountable** vault, then placed with FalconX.
{% endstep %}

{% step %}

### Terms fixed

The amount, term, protection level, and upside-sharing level are agreed and documented before capital moves.
{% endstep %}

{% step %}

### Capital released

FalconX releases capital against the deposit. Deploy it, lend it onward, or hold it as needed.
{% endstep %}

{% step %}

### Term runs

There are no monthly payments, rate resets, or additional collateral calls. Terms remain fixed throughout the program.
{% endstep %}

{% step %}

### Settlement

At maturity, the position settles according to the original terms. Start a new term or close the program and release the position.
{% endstep %}
{% endstepper %}

For the mechanics behind each step, see [Collar Structure](broken://pages/c5af5f773592ba5a6ee5d275b433eeeb5e06815c)

## What it gives you

* **Liquidity without selling.** Access capital against your holdings while keeping the position and avoiding a disposal.
* **Named counterparties.** Assets sit with an institutional prime broker under purpose-built vault infrastructure not with Bima, and not in an arrangement you cannot inspect.
* **Fixed outcomes.** Every term is agreed upon and documented before capital moves. No revisions partway through, no surprise collateral calls.
* **A lending business, not just liquidity.** The released capital can fund a lending desk of your own set your rate, keep the spread. Yen programs supported for Japan-based books.

## What Bima is not

Being clear about the boundaries is part of the product:

* Bima is **not a custodian**. It does not take possession of client assets at any point.
* This is **not a free loan**. You are exchanging some future upside for capital today. If the asset runs far past the agreed level, you would have done better simply holding it. See [The Trade-Off](broken://pages/e455d62c10c2abde1b80d4241aaa7f9d5ad0aee5)
* The protection level **is not a guarantee**. Falls below it remain your exposure.