Bitget launches cryptocurrency lending service

The cryptocurrency exchange Bitget launched a service «Crypto Loans», which allows depositing cryptocurrency as collateral and borrowing an equivalent amount in another asset. This is reported in the platform’s blog.

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As of publication, Bitget supports loans in Bitcoin, Ethereum (ETH) and Tether (USDT) with seven-day and 30-day fixed rates ranging from 1.6% to 7.7%. The same assets are available as collateral.

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Funds obtained can be used immediately and the collateral amount can be adjusted throughout the loan period.

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\n«Now our clients can obtain loans in more liquid cryptocurrencies against collateral in less in-demand assets, to use them for their investment goals», Grace Chen, the managing director of Bitget, said.

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She added that crypto loans are attracting growing attention due to the overall growth of the digital lending market. According to a report by Global Market Insights, in 2022 the market surpassed $8.5 billion. Analysts forecast a further sector growth of 20.5% per year from 2023 to 2032.

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Bitget — a cryptocurrency exchange for spot and futures trading, P2P and OTC deals, copy trading, and passive earnings on Bitget Earn products. The exchange has partnered with TradingView and footballer Lionel Messi, and has become a sponsor of the Juventus football club.

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Earlier, Bitget launched a Martingale trading strategy using AI.