Bitget To Launch New Product To Expand On Crypto Lending Sector

Bitget To Launch New Product To Expand On Crypto Lending Sector

According to a July 4 news release, Bitget, a well-known crypto-exchange, has entered the “crypto lending” market with the debut of its new product, Crypto Loans. The exchange states the loan product employs a “dual-coin approach.” Those who stake one coin will be compensated with another asset. Customers of Bitget’s new Crypto Loans service will be able to stake low-demand currencies. Bitget will lend such users more liquid assets in exchange. Bitget has established itself in the cryptocurrency industry by providing both copy-trading and crypto-derivatives services, and it is now time to cater to the rising loan demand. Furthermore, the new business hopes to attract a new audience of customers who have been turned down by conventional lenders and are searching for alternative funding options via digital assets. Bitget’s Crypto Loans utilize a dual-coin strategy, allowing customers to stake one of their assets as collateral in return for the option to borrow a matching amount in another currency. Each loan is granted at a fixed interest rate, and the amount borrowed is decided by the collateral’s market value. Loans are granted for a certain length of time.