The exchange’s new lending service uses cryptocurrency assets as the collateral for a minimum loans of $100 USD.
Bitrue cryptocurrency exchange announced the launch of a low interest lending platform for its investors. The platform further offers users a chance to hold their assets to earn 7.3% interest per annum on various digital assets.
The Singapore headquartered exchange announced the lending service will launch on Sept 30 offering users a platform to lend and borrow crypto at extremely low rates. The new service offers crypto backed loans (minimum $100 USD) at 0.04% daily interest. Users can issue any Bitrue traded coin including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Tether (USDT).
Diversification of Digital Assets
In a statement released by the CEO of Bitrue, Curis Wang, the exchange is looking to diversify its hugely XRP backed base. The exchange hold nearly 2% of the total XRP supply in its wallets and is looking to add more digital assets in the future. Wang further said,
“Bitrue’s goal from the beginning was always to bridge the emerging crypto markets with the traditional financial services sector. It’s a perfect time for us to launch the first of our initiatives.”
This comes in response to the hack in June that saw over 9.3 million XRP tokens and over 2 million Cardano (ADA) tokens stolen from the exchange. Luckily, the tokens were fully insured and the total $4 million USD worth of currencies stolen were reimbursed. The company resumed its operations on July 3rd following the unfortunate hack.