2023-07-05 06:42:51
Bitget launched its native “Crypto Loans” product on Tuesday. Digital lending is expected to advance at a CAGR of 20.5%. Singapore and Thailand have recently banned crypto lending.
Bitget – A Seychelles-based digital asset trading platform launched “Crypto Loans” to debut in the lending space on Tuesday.
This is what we know so far
Its new product will especially serve users who are not fully satisfied with traditional credit institutions. According to Gracy Chen, CEO of Bitget:
Users now have the opportunity to stake less in-demand coins, allowing them to borrow into more liquid assets for investment purposes.
Each loan, according to the Press release, will be tied to a specific interest rate. However, Bitget did not disclose the cryptocurrencies that will be eligible for Crypto Loans.
The news comes just days after Bitget formally entered Turkey with a new website as part of its commitment to expand globally (Know more).
Digital loans are experiencing strong demand
Digital lending is expected to grow at a CAGR of 20.5% between 2023 and 2032 after reaching the $8.5 billion mark last year, suggesting strong demand. Chen also said in the press release today:
Bitget’s new product highlights the flexibility of using collateralized currency, improving capital utilization. Our flexible lending and repayment mechanism meets the needs of all users.
The leading crypto derivatives platform is entering the crypto lending sector at a time when several countries, including Singapore y thailandthey have prohibited crypto companies from issuing loans.
Bitget did not indicate in its press release if the new service will be available in the United States.
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