Bitfinex now offers personal loans in bitcoin and ether

Bitcoin • December 18, 2020, 9:00AM EST
UPDATED: December 18, 2020, 9:13AM EST
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Crypto exchange Bitfinex is now offering personal loans in bitcoin (BTC) and ether (ETH) via its peer-to-peer lending platform Bitfinex Borrow.

Users can borrow bitcoin in exchange for three fiat currencies and one stablecoin: US dollars (USD), euro (EUR), Japanese yen (JPY), and Tether (USDT). While for ether loans, users can only use USD as collateral.

As for loan to value ratios, bitcoin loans are available for up to 80% of the value of USD, EUR, and USDT holdings, and up to 70% for JPY holdings.

For ETH loans, the percentage is up to 80% of USD holdings.

Bitfinex charges a 4.16% and 1.14% interest rate per annum for bitcoin and ether loans, respectively. The service is available only for "fully verified" users.

The Bitfinex Borrow platform was launched in November and already offers USDT and USD loans against bitcoin and ether holdings as collateral.

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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.

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