The cryptocurrencytrading platform, Bitget, has launched a new product 'Crypto Loans' in response to the growing demand for digital lending solutions. This venture is expected to appeal to those users who have been discouraged by the credit offerings of traditional banks.
Bitget Answers the Crypto Lending Boom
Bitget's Crypto Loans product adopts a dual-coin strategy, where users stake one cryptocurrency from their holdings as collateral to borrow an equivalent amount in another digital asset. The loan is issued at a specific interest rate, with the borrowed sum dictated by the market value of the pledged collateral. Users have the flexibility to repay their loans either before or at the determined deadline.
Digital lending, particularly in the crypto domain, has sharply risen in recent years. According to Global Market Insights, the sector exceeded $8.5 billion in 2022 and is projected to grow at a CAGR of 20.5% from 2023 to 2032.
"Bitget's new product highlights the flexibility of collateralized currency usage, enhancing capital utilization,” Gracy Chen, the Managing Director of Bitget, commented.
According to Chen, users now have the opportunity to stake less-demanded coins, enabling them to obtain loans in more liquid assets for investment purposes.
“Our platform's flexible borrowing and repayment mechanism is designed to cater to the needs of all users, accommodating their requests and ensuring convenience," the Managing Director of Bitget added.
Afterstaking their collateral, users receive their loan amount. Borrowers are given the liberty to use the funds as they wish and modify the collateral based on individual requirements. In addition, Bitget's new offering promotes withdrawals and a swift loan application review process.
Bitget Promotes New Products and Services
This launch forms part of Bitget's recent service expansion, with new products across the cryptocurrency and traditional finance spectrum. Among its latest endeavors was the investment in BitKeep, which has been rebranded as Bitget Wallet.
The company joined forces in late April with the artificial intelligence (AI) blockchain platform, Fetch.ai. Bitget has committed $10 million to support the growth of the Fetch.ai ecosystem. In the meantime, the platform has continued its European expansion, securing crypto registration in Poland. A month earlier, the company secured a similar registration in Lithuania.
Founded in 2018, Bitget is a major cryptocurrency exchange serving over 8 million users worldwide.
This article was written by Damian Chmiel at www.financemagnates.com.
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