Bitgeta famous crypto exchange, has entered the “crypto lending” sector with the launch of its new product: Crypto Loans.
Bitget and the launch of Crypto Loans: the new entry into the “cryptocurrency lending” sector.
The well-known crypto exchange Bitget has decided to join the “cryptocurrency lending” sector. also by launching the new product: Crypto Loans.
Bitget has distinguished itself in the crypto market by offering both copy-trading and crypto derivatives services, and now it’s time to meet the growing demand in the credit sector.
And indeed, the new service aims to attract a new audience of users who are put off by traditional lenders, who are looking for alternative means of financing through digital means.
Bitget’s Crypto Loans is based on a dual coin approachwhich allows users to put up one coin of their assets as collateral in exchange for the ability to borrow a corresponding amount in another currency.
Each loan is issued at a certain interest rateand the loan amount is determined by the market value of the collateral.
Loans are granted within a predetermined period of time; users can choose to pay off earlier or at the predetermined term.
Bitget to meet the growing demand for crypto loans
According to the Global Market Insights report, it looks like traditional loan users may soon be onboarding in the “digital lending” (or digital lending) industry..
This means that the adoption of solutions such as Bitget’s new signature product could play a critical role.
Not only that, cryptocurrency lending has come to the fore in recent years due to the overall growth of the digital lending industry, which is more than $8.5 billion by 2022 and expected to grow at a CAGR of 20.5% from 2023 to 2032.
In this connection, Grace ChenManaging Director of Bitget said:
“Bitget’s new product highlights the flexibility of collateralized currency use, improving capital utilization. Users now have the option to stake fewer coins in demand, allowing them to get loans in more liquid assets for investment purposes. Our platform’s flexible loan and repayment mechanism is designed to meet the needs of all users, accommodate their requests and ensure convenience.”
In practice, Crypto Loans is designed for both facilitate user input, but also to mimic the familiar procedures of traditional loans. The first step entails place collateralfollowed by automatic payment of the loan amountmaking for an easy and efficient experience for borrowers.
After receiving the loan, users have the flexibility to do so use the funds according to need, but also according to change the guarantee by adding or removing funds according to their individual needs.
Partnerships in the eSport sector
Recently, Bitget has also been in the news for its fourth collaboration in the eSport sector.
This is the presence of the crypto exchange as the official sponsor of the DOTA 2 Bali Majorwhich will be held from June 29 to July 9, 2023.
This collaboration comes after sponsorship with PGL Major Stockholm 2021, PGL Major Antwerp 2022 and PGL DOTA 2 Major Arlington 2022.
Not only that, Bitget has always supported industry leaders, such as the partnership with the legendary soccer player Lionel Messi. And speaking of Messi, in honor of his birthday, Bitget has raffled off football star’s merch for the lucky ten.
The performance of the CEX after the collapse of the FTX
According to Nansen‘s report on the performance of centralized crypto exchanges (or CEXs), in the first half of 2023Bitget seems to stand out in terms of numbers.
On the one hand, indeed, the crypto exchange saw a sharp increase in its derivatives volumewhile BGB, its own token, also saw a price increase after the collapse of FTX.
Not surprisingly, as of June 2023 BGB has increased in price by +300%, from $0.18 to $0.47. At the time of writing, BGB is worth $0.48.
When it comes to copy tradeBitget belongs to the top performing crypto platforms also, along with ByBit, OKX and Gate.io.