Seychelles-based crypto exchange Bitget said in a July 4 press release that it had launched a cryptocurrency lending product.
Users can stake coins for more liquid assets.
Users of Bitget’s new Crypto Loans service will be able to stake coins that are in low demand. In return, Bitget will lend those users more liquid assets.
Bitget said that the lending product uses a “dual-coin approach.” Users who stake one cryptocurrency will receive a corresponding amount in another asset. It did not state which cryptocurrencies are eligible for this program.
The company added that each loan would have a specific interest rate and said that loan amounts are based on the market price of the user’s staked amount. It noted that borrowing periods are predetermined, though users can repay the loan early.
BitGet said it aims to provide “smooth onboarding” and has patterned its loan service after traditional financial services. It said that once users stake collateral, they will automatically
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