Bitrue Exchange to Launch Crypto-Backed Loan Platform
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Singapore-based exchange Bitrue is launching a low-interest crypto lending platform, the company said.
The service, which goes live on Sept. 30, loans BTC, ETH XRP and USDT at a 0.04% daily interest rate. Users pledge existing Bitrue-held crypto assets as collateral against their $100-minimum loans.
Bitrue will fund its novel “power piggy” crypto-holding rewards program with users’ loan interest payments.
The loan platform rollout is part of a larger shift for the XRP-focused exchange, CEO Curis Wang said in a statement, alluding to more financial instruments in the pipeline.
“Bitrue’s goal from the beginning was always to bridge the emerging crypto markets with the traditional financial services sector,” Wang said.
“It’s a perfect time for us to launch the first of our initiatives.”
The new product launch comes only three months after the company was sidetracked by hackers stealing more than $4 million in users’ crypto assets from the exchange. Company representatives said those funds were insured and users were made whole.
Image via CoinDesk archives
