Bitfinex Borrow Adds XRP (XRP), Litecoin (LTC), EOS (EOS), Polkadot (DOT) as Collateral
Bitfinex Borrow Adds XRP (XRP), Litecoin (LTC), EOS (EOS), Polkadot (DOT) as Collateral
December 15, 2020
Bitfinex Borrow Adds XRP (XRP), Litecoin (LTC), EOS (EOS), Polkadot (DOT) as Collateral
Bitfinex Borrow Adds XRP (XRP), Litecoin (LTC), EOS (EOS), Polkadot (DOT) as Collateral
December 15, 2020

Bitfinex, a state-of-the-art digital token trading platform, has added XRP (XRP), Litecoin (LTC), EOS (EOS), and Polkadot (DOT) as collateral on Bitfinex Borrow, a peer-to-peer (P2P) digital token loan portal.

Borrowers will be able to obtain loans of up to 80% of the value of their XRP, LTC, or EOS holdings or up to 70% of the value of their DOT holdings in either Tether tokens (USDt) or US Dollars (USD).

Paolo Ardoino, CTO at Bitfinex, said:

“Adding support for XRP, Litecoin, EOS and Polkadot on Bitfinex Borrow will provide our users with more freedom and flexibility when taking out loans from our highly liquid peer-to-peer lending markets. This also provides our users with additional avenues to utilise some of their favourite cryptocurrencies.”

At the date of this announcement, borrowing rates for these four cryptocurrencies are as follows: XRP 13.07% Annual Percentage Rate* (APR), LTC 7.9% APR, EOS 0.0192% APR, DOT 0.0004% APR.

ALSO READ :  Fidelity Digital Assets Views Bitcoin As “Aspirational Store Of Value” And An “Insurance Policy”

Borrowers will first need to deposit enough collateral in XRP, LTC, EOS, or DOT into their Margin wallet, before using these four cryptocurrencies as collateral to obtain a loan, which will be credited to the borrower’s Margin wallet. Borrowers can use the borrowed funds either on the Bitfinex platform or for any purchase outside of the Bitfinex platform. 

While fully verified users will have full access to Bitfinex Borrow, users verified at the intermediate level will not be able to withdraw the borrowed funds from the platform. To begin the verification process, please visit: https://www.bitfinex.com/verification

Important Notes

Nothing in this press release is financial, investment or other advice. Nothing in this press release is an offer to borrow or lend or the solicitation, recommendation or endorsement of any course of borrowing or lending. Any references in this press release to returns are only hypothetical and not guaranteed.

* The rates, payment amounts and collateral price reflected represent an estimate, based on current market conditions, of the interest rates and amounts payable based on the loan amount, collateral and duration selected. These values are hypothetical and not guaranteed to be the same as, or reflective of the actual interest rate, payment obligations or collateral price applicable to a loan a user decides to take. This information is provided for information purposes only.

ALSO READ :  Bitfinex Introduces Zero Fees on Tether/US Dollar (USDt/USD) pair for Users Generating $15 Million-Plus, 30-day Volume

All deposits, activities, and users are subject at all times to all of the terms of service in effect on Bitfinex. U.S. persons are not permitted to use Bitfinex or any of its services.


About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.

Media Contact

Joe Morgan, Senior PR Manager, Bitfinex

[email protected]


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.