CoinMarketCap Starts Posting Interest Rate Data on CryptoAssets with New ‘Interest by CMC’ Feature
The famous data provider CoinMarketCap has just launched a new section on its site, which was created to list the current interest rates that are being offered on some cryptocurrencies by lenders. This, the company believes, would help the prospective traders to compare prices and choose products better.
This new section is named ‘Interest' and it was launched starting with 33 cryptocurrencies. Covering information on several major platforms that work with lending. They include Binance, BlockFi and the Celsius Network. By using the new page, users can find annualized interest rates on these platforms for several different kinds of cryptos.
According to CMC, the new listing was in development for about a month and a half. Carylyne Chan, the Chief Strategy Officer of the company, was interviewed by The Block Crypto and said that the team had done a lot of research before making the new section live to viewers. She said that the researchers looked up interest rates and futures prospects for the industry and more.
Chan affirmed that it is important for traders to know the full scope of the lending market in order to make an informed decision. According to her, the lending sector is worth over $5 billion USD right now and plenty of traders use it for margin trading, hedging, and other financial investments.
Another important point is that no fees are being charged by the lenders to be listed on the page. They were simply determined to be the most popular companies in the sector and this is why they were listed, not because they paid to.
All monetization efforts will eventually be made via ads, just as it happens with the rest of the site. This way, ads are much easier to detect and do not influence the main activity of the site.