XRP-focused crypto exchange Bitrue entering into lending space

Lending • September 25, 2019, 5:35AM EDT
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Bitrue, a Singapore-based cryptocurrency exchange focused on serving the XRP community as it supports over 50 XRP pairs, is entering into the lending market.

The exchange will start offering crypto-backed loans from Sept. 30 to users who will pledge their cryptocurrencies held on its platform, according to a press release shared with The Block on Tuesday. 

Users will be able to pledge bitcoin (BTC), XRP and stablecoins to receive loans in BTC, XRP, ether (ETH) and Tether (USDT), per the announcement. Bitrue said it will add support for more altcoins in the future.

The interest rate on these loans will be 0.04% daily, with no limit to the repayment period of the collateral, Bitrue said.

The exchange added that revenue generated from these loans will be used to support its “Power Piggy” feature, which provides users with a "risk free method of generating up to 10.3% yearly interest on the coins they invest.”

Just about three months ago, Bitrue suffered a hack, losing nearly $4.3 million in XRP and Cardano (ADA) tokens. At the time, the exchange said that "100% of lost funds will be returned to users."

TAGS
XRP

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

See More
Connect on

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Yogita Khatri