VICTORIA, Seychelles, July 4, 2023 — Bitget, a top crypto derivatives and copy trading platform, has entered the rapidly expanding cryptocurrency loan sector with the launch of its native Crypto Loans product. The new offering is intended to attract a new audience of users dissuaded by traditional credit institutions and seeking alternative means of funding via digital assets.
Bitget, a renowned name in the crypto arena, recently launched a fresh lending option named ‘Crypto Loans’. This innovative product is constructed around a dual-coin method. Simply put, it grants Bitget users the opportunity to pledge a specific coin from their crypto reserves as collateral. This then gives them permission to borrow a corresponding amount in another cryptocurrency. Every loan provided by Bitget is established at a particular interest rate that the borrower is required to pay back. The quantity of crypto loaned hinges on the current market worth of the collateral which is staked. Thus, it amalgamates aspects of traditional lending with the advantages of the crypto world. Notably, all loans are dispensed within a set time frame, and borrowers could opt for early repayment or wait until the determined deadline to do so.
The concept of borrowing and lending through crypto loans has been gathering momentum in the past few years. A crucial driving factor was the amplified enlargement noted in the digital lending industry, which skyrocketed past $8.5 billion in the year 2022. Furthermore, well-researched forecasts have predicted a CAGR of 20.5% ranging from the year 2023 to 2032. Accumulating insights from Global Market research have underscored the increasing dependency on standard lending systems, bringing to light the potential to spur the demand for digital lending functionalities. The success of such novel financial solutions tends to ride on the smooth incorporation of traditional users, which can be a decisive factor in service adoption.
With the future of digital lending in mind, Bitget has revamped the loaning procedure to accommodate user integration as well as mirror characteristic measures from established financial entities. The procedure starts off with staking a certain form of collateral, succeeded by the automated provision of the predetermined loan amount making the entire experience impeccably user-friendly and efficient for prospective borrowers. Post the acceptance of the loan, users hold the liberty to manage their funds according to their preferences. This further includes the option to recalibrate their collateral by depositing or withdrawing in line with their personal conditions or specific needs.
The advent of Bitget’s novel offering shines a spotlight on the versatility of using collateralized digital currency and its potential to optimize capital utilization. As per Gracy Chen, Managing Director of Bitget, users can now venture into the prospects of staking less-in-demand coins but in return, they are able to procure loans in more liquid assets, typically for investment reasons. The platform’s adaptable borrowing system and repayment structure are particularly intended to cater to the diverse needs of the user base, warranting user satisfaction and ease of access.
Bitget as a platform strongly encourages withdrawals and boasts about its speedy review protocol for loan applications, projecting it as a lucrative aspect of its spanking new product. Given Bitget’s well-earned reputation for stringent security measures, users can rest assured that the safety of their collateral is guaranteed – the hallmark of a trustworthy financial platform.
Bitget exchange has been consistently diversifying its offering in recent times, constantly adding to its range of services across numerous domains of cryptocurrency and even traditional financial sectors. The recent capital injection into BitKeep, followed by a rebranding that resulted in the birth of Bitget Wallet, is one of the latest efforts made by Bitget to delve deeper into the world of Web3. By doing so, it wishes to create a unified gateway that allows its user base to explore its ecosystem more extensively with a vision to promote global crypto adoption.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL.
