Bitget, one of the largest crypto derivatives and copy trading platforms, is launching a new product, crypto loans, to expand its line of services for users;
Bitget crypto-loans allow you to deposit one token from your assets as collateral in exchange for the ability to borrow the corresponding amount in another crypto-asset. Each loan has a certain interest rate, with the amount determined by the market value of the collateral. Loans are issued for a specified period, with the possibility of early repayment of the loan.
Cryptocurrency loans have attracted more and more attention over the past few years, thanks to overall growth in the digital lending sector, which surpassed the $8.5 billion mark in 2022 and will grow at 20.5% per year from 2023 to 2032. The Global Market Insights report highlights the growing reliance on traditional lending and its potential to drive demand for digital lending products;
Bitget has simplified the lending process and made it as close as possible to the familiar process of getting a bank loan. The user must make a deposit, after which he will automatically receive a loan in the selected coin. The funds received can be used immediately or partially, and you can adjust the pledge amount by adding or withdrawing coins as circumstances dictate. Withdrawals and a fast application process for loans are also available on the platform.
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“Users now have the ability to deposit less sought-after coins into Staking, obtaining loans in more liquid assets for investment purposes. Our platform’s flexible borrowing and repayment mechanism is designed to meet the needs of all users,” said Bitget Managing Director Gracie Chen.
In recent months, the Bitget exchange has been expanding its line of services by adding new products. The recent investment in BitKeep and its subsequent rebranding as Bitget Wallet is one of the latest steps Bitget has taken to enter the Web3 space and create a single user access gateway for global cryptocurrency adoption.
Recall that Bitget recently launched an AI-based Martingale strategy and also added support for EVM-compliant addresses.