Coinspeaker
Bitget Launches Dual-Coin Crypto Loan Service
Crypto derivatives platform Bitget has announced the launch of a new product called “Crypto Loans” targeted at users not satisfied with traditional lending institutions. The new product will enable users to stake one coin as collateral to enable them to borrow the corresponding amount in another coin in what is known as a dual-coin approach.
According to Bitget, the borrowing process has been simplified and designed to emulate the process used by traditional lending institutions. This is in a bid to facilitate user onboarding. First, users will have to stake their collateral following which the requested loan amount will automatically be released. Loans will have varying interest rates, with the amount one can borrow depending on the market value of the staked collateral.
Bitget’s Managing Director Gracy Chen noted that beyond providing credit, the Crypto Loans service will also help users expand their crypto investment po
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