Bitget Launches 'Dual-Coin' Crypto Lending Program

Derivatives trading platform Bitget is moving forward with plans to launch a cryptocurrency lending program for its users that will allow customers to stake their coins through the exchange in exchange for a loan in another coin. The exchange says the program is aimed at borrowers who aren't satisfied with traditional lenders.

Gracy Chen, managing director of Bitget, said the loan program helps borrowers optimize their portfolios beyond the coins they currently hold.

"Bitget's new product highlights the flexibility of collateralized currency usage, enhancing capital utilization," said Chen in a press release. "Users now have the opportunity to stake less-demanded coins, enabling them to obtain loans in more liquid assets for investment purposes."

In its Crypto Loans program, Bitget says borrowers will have the opportunity to use their coins to obtain loans of the same amount in another coin program. Each loan has a specific interest rate and the loanable amount is determined by the market value of the collateral coin.

The Singapore-based platform took action after seeing a tailwind in the digital lending market, and Bitget cites a report from Global Market Insights that predicts the digital lending market will be worth $60 billion by 2032.

(Source: Decrypt)