Bitfinex, a popular cryptocurrency exchange platform, announced today that it has launched bitcoin (BTC) and ether (ETH) personal loans on Bitfinex Borrow, a peer-to-peer digital token (P2P) loan portal.
Lenders may use US Dollars (USD), Tether tokens (USDt), euro (EUR), or yen (JPY) held on the platform as collateral to obtain a loan at BTC. Lenders can use USD held on the platform as collateral to obtain a loan in ETH.
Further, borrowers will be able to get BTC loans up to 80% of the value of their USD, USDt, or EUR holdings, or up to 70% of the value of their JPY holdings. Lenders will be able to get ETH loans up to 80% of the value of their USD holdings.
“We are pleased to launch bitcoin and Ethereum peer-to-peer loans for our growing customer base on Bitfinex Borrow,” said Paolo Ardoino, CTO at Bitfinex. “These latest additions to Bitfinex Borrow further demonstrate our commitment to providing quality products to our consumers.”
BTC and ETH loans charge a typical Annual Percentage Rate of approximately 4.16% and 1.14%, respectively.
While fully authenticated users will have full access to Bitfinex Borrow, users who are authenticated at the intermediate level will not be able to remove the borrowed tickets from the platform.