Singapore based digital currency exchange Bitrue has made an announcement that it is planning to launch a crypto-backed loan platform. It will be a low-interest crypto lending platform.
Bitrue users will be able to pledge BTC, XRP, stablecoins and more to receive loans in BTC, XRP, ETH, and USDT. Gradually, the firm will add more altcoins as collateral and loan options. This will thus maximize the availability of the service among the entire crypto industry. The firm will provide loans at low-interest rates and with high loan-to-value ratios. The daily basic interest rate will be 0.04%. However, eventually, users will pay reduced repayment rates if they have a sufficient holding of the platform token Bitrue Coin (BTR).
Currently, Bitrue offers over 50 XRP trading pairs. The primary aim of Bitrue is to bridge the emerging crypto markets with the traditional financial services sector. The exchange has gained a loyal user base and trust within the industry. Thus it is a perfect time to launch the first of its initiatives. The CEO of Bitrue has thus expressed his excitement about the latest initiative. He said it will be an opportunity to provide access to financial services to all people.
In June, attackers had hacked the crypto exchange for around $4.2 million in user assets. The exchange, therefore, lost about 9.3 million in XRP and 2.5 million Cardano (ADA) tokens from its hot wallet as per the source.