Bitrue To Release A Blockchain-Based Crypto Loan Platform
Bitrue, an exchange firm based in Singapore, is developing a low-interest crypto lending platform.
The service loans ETH, BTC, USDT, and XRP at a 0.04% daily interest rate is scheduled to go live on September 30th. The users undertake current Bitrue-held cryptocurrencies as collateral against their $100-minimum loans.
Bitrue is to fund its “power piggy” crypto-based rewards program with the clients’ loan interest payments.
The loan platform initiative is a part of a bigger shift for the XRP-focused exchange, said the CEO Curis Wang, suggesting additional 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 launch of the latest product comes only three months following the firm’s hacking situation where over $4 million were stolen from the exchange in the user’s crypto assets. Those funds were successfully insured, and the users were made whole, said the company representatives.