Cryptocurrency exchange Bitget has launched the Crypto Loans service, which allows you to deposit cryptocurrency as collateral and borrow the corresponding amount in another asset. This was reported on the trading platform blog.
At press time, Bitget supports Bitcoin, Ethereum (ETH) and Tether (USDT) loans with 7-day and 30-day fixed rates ranging from 1.6% to 7.7%. These same assets are available as collateral.
The funds received can be used immediately and the amount of collateral can be adjusted during the loan period.
“Now our clients can borrow in more liquid cryptocurrencies secured by less demanded assets to use them for their investment purposes,” said Gracie Chen, Managing Director of Bitget.
She added that crypto loans are gaining more and more attention due to the overall growth of the digital lending market. It surpassed the $8.5 billion mark in 2022, according to a report by Global Market Insights. Analysts predict the sector will continue to grow at 20.5% per year between 2023 and 2032.
Bitget is a cryptocurrency exchange for spot and futures trading, P2P and OTC transactions, copy trading, as well as passive income on Bitget Earn products. The exchange entered into a partnership with TradingView and football player Lionel Messi, and also became a sponsor of the Juventus football club.
Earlier, Bitget launched a Martingale trading strategy using AI.
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