Bitfinex now offers personal loans in bitcoin and ether
December 18, 2020, 9:00AM EST
1 min read
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.
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.
Iceland-headquartered bitcoin mining firm Genesis Digital Assets has raised $431 million in a strategic funding round led by investment firm Paradigm. Genesis Digital Assets said in an announcement on Tuesday that other investors in the round included NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital. Kingsway also invested $125 million in a previous […]