Bitget launches Crypto Loans product

The move hopes to attract disgruntled users of traditional finance and meet the thriving demand for lending services

Cryptocurrency exchange and digital asset trading platform Bitget has launched a new crypto lending program.

The Crypto Loans product based on a ‘dual coin’ approach enables users to stake coins from their holdings in exchange for loans in another.

Each loan is issued at a specific interest rate to pay with the borrowed total determined by the current market value of the staked property. Users can either repay such loans within a predetermined period or beforehand.

The platform intends to attract and expand a new audience, mainly those dissatisfied with traditional lenders seeking to find alternative means of funding via digital assets.

The loan program is reportedly said to help borrowers grow their investment portfolio and increase the amount of coins a user holds.

“Bitget's new product highlights the flexibility of collateralized currency usage, enhancing capital utilization,” said Bitget managing director Gracy Chen.

“Users now have the opportunity to stake less-demanded coins, enabling them to obtain loans in more liquid assets for investment purposes.” 

Boasting a high degree of security, Bitget’s platform also provides support for withdrawals and adheres to a swift and efficient process regarding loan application reviews.

Users are guaranteed vigilant security protocols are put in place and the safety of their collateral is ensured.

Over the last few months, the Bitget exchange has enlarged its suite of services and products making additions across a vast range of cryptocurrency and traditional financial sectors. 

The firm recently announced its $30m investment in the decentralized multi-chain wallet BitKeep to extend its range of services and bolster its user base and product offerings.

Additionally, the exchange also rebranded into Bitget Wallet as a further step to ensuring integration into the Web3 space.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.