After weeks of legwork, Singaporean exchange Bitrue has finally announced the launch of its low-interest crypto lending platform which will be offering crypto users enhanced loan service.
The latest development is going live today September 30, and users will have the advantage of pledging BTC, XRP, and stablecoins to get finance in BTC, XRP, ETH, and USDT, the company said.
Bitrue furthered that in the near future, it will be adding more cryptocurrencies for collateral and loan options to better the experience of users in the crypto space when lending money.
The XRP-focused exchange platform unveiled the loan service as part of its progress in connecting the emerging crypto markets and the fiat sector,
“We find this particularly exciting as it’s an opportunity to provide access to financial services to all people, regardless of whether they’re rich or poor or where they’re located in the world”, Bitrue mentioned.
CEO Curis Wang averred the development came in handy for the company in enhancing its operation around the globe. The loan platform roles out with low-interest rates of about 0.04 percent per day and high loan-to-value ratios.
However, fund generated from the loans service offered by the new platform would be used to fund the company’s existing ‘Power Piggy’ program which allows people to generate up to 10.3% interest on their invested crypto assets on yearly basis, Bitrue stated, adding that Power Piggy is risk-free.
The latest loan service, according to the exchange which claims to be building XRP liquidity, has no limit for repayment period, as well as a top-class LTVs that ranges between 50–70%.
As the cryptocurrency exchange company builds the new loan oriented platform into phase 2 of its lifecycle, users with sufficient amounts of Bitrue coin are tipped of enjoying reduced repayment rates, access to digital asset management and DeFi services which is underway.
Bitrue continues to pledge its commitment to the XRP community, and it is one of the first exchange platform to list the altcoin as a base currency.