Bitget launched its native “Crypto Loans” product on Tuesday.
Digital lending is expected to advance at a CAGR of 20.5%.
Singapore and Thailand have recently banned crypto lending.
Bitget – a Seychelles-based digital assets trading platform launched “Crypto Loans” to debut in the lending space on Tuesday.
Here’s what we know so far
Its new product will cater particularly to users that are not fully satisfied with the traditional credit institutions. According to Gracy Chen – the Managing Director of Bitget:
Users now have the opportunity to stake less-demanded coins, enabling them to obtain loans in more liquid assets for investment purposes.
Each loan, as per the press release, will be coupled with a specific interest rate. Bitget did not, however, reveal the cryptocurrencies that’ll be eligible for Crypto Loans.
The news arrives only days after Bitget formally entered Turkey with a new website as part of its commitment to expand globally (find out more).
Digital lending is seeing strong demand
Digital lending is expected to grow at a compound annual rate of 20.5% between 2023 and 2032 after hitting the $8.5 billion mark last year which suggests strong demand. Chen also said today in the press release:
Bitget’s new product highlights flexibility of collateralized currency usage, enhancing capital utilization. Our flexible borrowing and repayment mechanism caters to needs of all users.
The top crypto derivatives platform is entering the crypto lending sector at a time when multiple countries, including Singapore and Thailand, have banned crypto companies from issuing loans.
Bitget did not state in its press release whether the new service will be available in the United States.
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