Bitfinex now offers personal loans in bitcoin and ether

Bitcoin • December 18, 2020, 9:00AM EST
UPDATED: December 18, 2020, 9:13AM EST
The Block

Crypto exchange Bitfinex is now offering personal loans in bitcoin (BTC) and ether (ETH) via its peer-to-peer lending platform Bitfinex Borrow.

Users can borrow bitcoin in exchange for three fiat currencies and one stablecoin: US dollars (USD), euro (EUR), Japanese yen (JPY), and Tether (USDT). While for ether loans, users can only use USD as collateral.

As for loan to value ratios, bitcoin loans are available for up to 80% of the value of USD, EUR, and USDT holdings, and up to 70% for JPY holdings.

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For ETH loans, the percentage is up to 80% of USD holdings.

Bitfinex charges a 4.16% and 1.14% interest rate per annum for bitcoin and ether loans, respectively. The service is available only for "fully verified" users.

The Bitfinex Borrow platform was launched in November and already offers USDT and USD loans against bitcoin and ether holdings as collateral.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.