BitFinex now enables its users to avail cryptocurrency loans in Bitcoin and Ether using its BitFinex Borrow (a peer-to-peer (P2P) token borrowing platform).
The users can avail of loans against three fiat currencies USD, JPY, and EUR, along with Tether stablecoin.
BitFinex allows users to avail themselves of crypto loans through BitFinex Borrow.
Using the Bitfinex Borrow platform, the BitFinex users can avail crypto loans in Bitcoin using stablecoin and supported fiat currencies. Currently, the loan platform would provide Bitcoin loan in exchange for Euro, Japanese Yen, and US dollars along with Tether tokens (pegged on USD(USDT)). Though, the users can avail Ether tokens loans with USD only.
BitFinex launched its loan platform in November this year, which facilitated peer to peer loan facilitythrough which the users could use digital token holdings to get loans which they can trade on its platform. They could use Bitcoin and Ethereum to get a loan in Tether or USD dollars. The payment could be made wholly or partially on the principle and interest by sending funds to the Margin wallet.
On BitFinex Borrow, the users can select their loan rates based on their needs, variable based Flash return rate and fixed-rate loans are available.
The Bitcoin loan would bear an annual percentage rate of around 4.16 percent, while the Ether Loans would levy 1.14 percent. Users would get the BTC loans of up to eighty percent of USD, USDT, and Euro holdings on the platform while up to 70 percent of the JPY holdings value. Similarly, they can get ETH loans of eighty percent of the USD holdings.
Only the fully verified users on the BitFinex Borrow will get full access to the platform, and the other users validated intermediately cannot retrieve the borrowed token from BitFinex Borrow. The Chief Technology Officer at Bitfinex Exchange, Paolo Antonio, said that the company is pleased to launch the support for BTC and ETH peer to peer loans on the platform. He added, ” These latest additions to BitFinex Borrow further demonstrates our commitment to delivering quality products for our users.”
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