Bitget – a trading platform for digital assets – has announced the launch of its new product, “Crypto Loans”, on Tuesday. The product is designed for users who are not satisfied with traditional credit institutions.
Gracy Chen, Bitget’s Managing Director, said: “Users can now stake less desirable coins to be able to borrow in liquid assets to invest.” Each loan will come with a certain interest rate, but the company has not revealed the cryptocurrencies that’ll be eligible for Crypto Loans.
The news arrives just days after Bitget formally entered Turkey with a new website, as part of their commitment to expanding globally. Digital lending is expected to grow at an annual rate of 20.5-21.5% between 2023-2032, indicating a strong demand. Chen also highlighted the flexibility of the new product:
“Bitget’s new product highlights flexibility of collateralized currency usage, enhancing capital utilization. Our flexible borrowing and payment mechanisms cater to all users’ needs.”
However, the press release did not mention if the service will be available to the public in the United States, as crypto companies are no longer allowed to issue loans there. Bitget’s Crypto Loans are set to be a major step forward in the digital asset lending market.
