Bitfinex, a popular cryptocurrency exchange platform, today announced it has launched bitcoin (BTC) and ether (ETH) personal loans on Bitfinex Borrow, a peer-to-peer (P2P) digital token loan portal.
Borrowers can use US Dollars (USD), Tether tokens (USDt), euro (EUR), or yen (JPY) held on the platform as collateral to obtain a loan in BTC. Borrowers can use USD held on the platform as collateral to obtain a loan in ETH.
Further, borrowers will be able to obtain BTC loans of up to 80% of the value of their USD, USDt, or EUR holdings, or up to 70% of the value of their JPY holdings. Borrowers will be able to obtain ETH loans of up to 80% of the value of their USD holdings.
“We’re pleased to launch bitcoin and Ethereum peer-to-peer loans for our growing customer base on Bitfinex Borrow,” said Paolo Ardoino, CTO at Bitfinex. “These latest additions to Bitfinex Borrow further demonstrates our commitment to delivering quality products for our users.”
BTC and ETH loans levy a typical Annual Percentage Rate (APR) of approximately 4.16% and 1.14%, respectively.
While fully verified users will have full access to Bitfinex Borrow, users verified at the intermediate level will not be able to withdraw the borrowed tokens from the platform.
