• Bitget has launched its native Crypto Loans product, allowing users to stake one coin from their holdings as collateral in exchange for the ability to borrow a corresponding amount in another coin.
• These loans are issued at a specific interest rate and within a predetermined period, offering users flexibility to adjust their collateral by adding or withdrawing based on their circumstances.
• The Global Market Insights report highlights the increasing reliance on traditional lending and its potential to drive the demand for digital lending products.
Bitget Launches Crypto Loans Product
Bitget , top crypto derivatives and copy trading platform , has entered the rapidly expanding cryptocurrency loan sector with the launch of its native Crypto Loans product . The new offering is intended to attract a new audience of users dissuaded by traditional credit institutions and seeking alternative means of funding via digital assets.
Bitget ’s Crypto Loans product is based on a dual-coin approach, allowing users to stake one coin from their holdings as collateral in exchange for the ability to borrow a corresponding amount in another coin. Each loan is issued at a specific interest rate to pay, with the borrowed amount determined by the market value of the staked collateral. The loans are issued within a predetermined period , users can choose to repay before or at the predetermined deadline .
Overall Growth Of Digital Lending Sector
Crypto loans have been gaining attention in recent years thanks to the overall growth of the digital lending sector, which surpassed the $8.5 billion mark in 2022 and is predicted to grow by a CAGR of 20.5% from 2023 to 2032. The report by Global Market Insights highlights the increasing reliance on traditional lending and its potential to drive the demand for digital lending products. As this trend continues, the smooth onboarding of traditional users will play a crucial role in the adoption of these solutions.
Streamlined Loan Process
With this in mind, Bitget has streamlined the loan process to not only facilitate user onboarding but also replicate