Cryptocurrency exchange Bitfinex announced the launch of a new product offering on its P2P lending platform, Bitfinex Borrow, according to a press release shared with AMBCrypto.
Bitfinex Borrow will now offer Bitcoin (BTC) and Ethereum (ETH) personal loans, which will enable users to obtain loans in BTC and ETH.
Borrowers can use US Dollars (USD), Tether tokens (USDT), Euro (EUR), or Yen (JPY) held on the platform as collateral to obtain a loan in BTC.
However, as of now, USD is the only collateral accepted in order for users to obtain a loan in ETH.
Reportedly, borrowers will be able to obtain BTC loans of up to 80% of the value of their USD, USDT, or EUR holdings, or up to 70% of the value of their JPY holdings.
Similarly, borrowers will be able to obtain ETH loans of up to 80% of the value of their USD holdings.
The Bitcoin loans will be available to borrowers at an Annual Percentage Rate (APR) of 4.16% approximately, while ETH loans will have an approximate APR of 1.14%.
“We’re pleased to launch bitcoin and Ethereum peer-to-peer loans for our growing customer base on Bitfinex Borrow,” said Paolo Ardoino, CTO at Bitfinex, further adding that, “These latest additions to Bitfinex Borrow further demonstrates our commitment to delivering quality products for our users.
In order for users to have full access to Bitfinex Borrow, they need to be verified on the platform. A statement from Bitfinex explained that while fully verified users will have full access to Bitfinex Borrow, users verified at the intermediate level will not be able to withdraw the borrowed Digital Tokens from the site.
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