XRP-Focused Exchange Bitrue is Launching Low-Interest Crypto Lending Platform

Singapore-based cryptocurrency exchange Bitrue is now entering into the lending market.

The exchange is focused on serving the XRP community, given the fact that it supports more than 50 XRP pairs. Its goal has been to onboard all XRP pairs and becoming an xRapid partner.

Bitrue is now launching a low-interest crypto lending platform that will go live on Sept. 30. It will loan BTC, ETH, XRP, and USDT at 0.04 percent daily interest rate. The exchange said it will add support for more altcoins in the future.

Users will be able to pledge existing Bitcoin-held crypto as collateral, with no limit to the repayment period of the collateral.

“Bitrue’s goal from the beginning was always to bridge the emerging crypto markets with the traditional financial services sector,”

CEO Curis Wang said.

“It’s a perfect time for us to launch the first of our initiatives,”

he added.

Bitrue will also use the revenue generated from these loans to support its “power piggy” crypto holding rewards program that provides users with a

“risk free method of generating up to 10.3% yearly interest on the coins they invest.”

The new product launch came only three months after Bitrue suffered a hack, losing about $4.3 million in XRP and Cardano (ADA). At that time, company representatives said the funds were insured and

“100% of lost funds will be returned to users.”

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