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.
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
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.
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.
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.
Joe Morgan, Senior PR Manager, Bitfinex