Bitget launches crypto lending service
Bitget launches crypto lending service
Cryptocurrency exchange Bitget is set to enter the cryptocurrency lending sector with the launch of its new Crypto Loans service.
Bitget's Crypto Loans service uses a dual-coin strategy, where users stake a cryptocurrency from their assets as collateral to borrow an equivalent amount in another digital asset.
However, it is worth noting that Bitget did not specify which cryptocurrencies participate in Crypto Loans.
According to information published on the CryptoNews website, each loan will have a specific interest rate, with the amount borrowed determined by the market value of the pledged asset. Also, it is noted that users have the right to repay the loan early.
The crypto exchange has made its loan service similar to traditional financial services, so once users make a pledge, they immediately receive the loan amount and can use it at their discretion.
It's worth noting that Bitget has taken this step at a time when some countries, including Singapore and Thailand, have banned exchanges from offering cryptocurrency lending services.
As a reminder, Bitget previously opened a new branch in Turkey.
