Bitget Steps into Cryptocurrency Lending with Dual-Coin Approach

<p>The cryptocurrency
<a href="https://www.financemagnates.com/terms/t/trading-platform/">trading platform</a>, Bitget, has launched a new product 'Crypto Loans' in response
to the growing demand for digital lending solutions. This venture is expected
to appeal to those users who have been discouraged by the credit offerings of
traditional banks.</p><p>Bitget Answers the Crypto
Lending Boom</p><p><a href="https://www.financemagnates.com/tag/bitget/" target="_blank" rel="follow">Bitget's
Crypto Loans</a> product adopts a dual-coin strategy, where users stake one
cryptocurrency from their holdings as collateral to borrow an equivalent amount
in another digital asset. The loan is issued at a specific interest rate, with
the borrowed sum dictated by the market value of the pledged collateral. Users
have the flexibility to repay their loans either before or at the determined
deadline.</p><p>Digital
lending, particularly in the crypto domain, has sharply risen in recent years. According
to Global Market Insights, the sector exceeded $8.5 billion in 2022 and is
projected to grow at a CAGR of 20.5% from 2023 to 2032. </p><p>"Bitget's
new product highlights the flexibility of collateralized currency usage,
enhancing capital utilization,” Gracy Chen, the Managing Director of Bitget,
commented.</p><p>According
to Chen, users now have the opportunity to stake less-demanded coins, enabling
them to obtain loans in more liquid assets for investment purposes. </p><p>“Our
platform's flexible borrowing and repayment mechanism is designed to cater to
the needs of all users, accommodating their requests and ensuring
convenience," the Managing Director of Bitget added.</p><p>After
<a href="https://www.financemagnates.com/terms/s/staking/">staking</a> their collateral, users receive their loan amount. Borrowers are given the liberty to use the funds as they wish and modify the collateral based
on individual requirements. In addition, Bitget's new offering promotes
withdrawals and a swift loan application review process.</p><p>Bitget Promotes New Products
and Services</p><p>This launch
forms part of Bitget's recent service expansion, with new products across the
cryptocurrency and traditional finance spectrum. Among its latest endeavors was
the investment in BitKeep, which has been rebranded as Bitget Wallet.</p><p>The company
joined forces in late April with the <a href="https://www.financemagnates.com/cryptocurrency/bitget-banks-on-chatgpts-popularity-invests-10-million-in-fetchai/" target="_blank" rel="follow">artificial intelligence (AI) blockchain
platform, Fetch.ai</a>. Bitget has committed $10 million to support the growth of
the Fetch.ai ecosystem. In the meantime, the platform has continued its European
expansion, securing crypto registration <a href="https://www.financemagnates.com/cryptocurrency/bitget-banks-on-chatgpts-popularity-invests-10-million-in-fetchai/" target="_blank" rel="follow">in Poland</a>. A month earlier, the company
secured a similar registration <a href="https://www.financemagnates.com/cryptocurrency/crypto-trading-exchange-bitget-expands-into-lithuanian-market/" target="_blank" rel="follow">in Lithuania</a>.</p><p>Founded in
2018, Bitget is a major cryptocurrency exchange serving over 8 million users
worldwide.</p>

This article was written by Damian Chmiel at www.financemagnates.com.