Copy link
Increase text size
Decrease text size
Link copied allows users to borrow USD against crypto directly from non-custodial wallet

Image by from Medium

Wed, 11 Mar 2020, 16:23 pm UTC

Cryptocurrency wallet and exchange provider now offers its users the chance to borrow USD.

The crypto product provider made the announcement on its blog on Tuesday. The decision to offer the lending or borrowing product feature was made after its OTC lending desk partnered with international institutional clients to fuel trading and investment strategies with hundreds of millions of dollars in loans.

“Starting today, you can borrow USD against your crypto, directly from your non-custodial Wallet, for the first time ever. Users can now borrow USD Digital stablecoins against their Bitcoin, with support for Ether, Bitcoin Cash, and Stellar coming soon,” wrote.

“Just as we were excited to expand the markets’ options for high-quality lending partners for institutions, today’s launch answers your demand for a reliable, trustworthy venue to borrow against your crypto holdings. This means you can increase your buying power, seize that big trading opportunity, or finance your next purchase, without selling the crypto you’ve stockpiled over the years.”

Users can enjoy the new feature without leaving the wallet. It is also very convenient to use as it only takes a few clicks to set up the loan up to receiving the USD-denominated stablecoin.

In February, crypto exchange Binance started allowing its users to borrow tether (USDT) to fund futures trades on their BUSD holdings. The updates allowed Binance users to trade futures contracts using the assets in their wallet as collateral instead of funding their orders with coins. The process eliminates the need to transfer BUSD to their futures wallet and was available at 0% interest.

“The minimum allowable loan amount is 1 USDT and the maximum allowable loan amount is 50,000 USDT,” Binance said.

Aaron Gong, Director of Binance Futures, promised users to expect new features to support more tokens soon. At present, the Futures platform allows users to trade 13 pairs with high leverage and hedge to mitigate the risks.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • rachelm01
  • 2020.03.13 10:27:04
Good advice to anyone, stay far away from these companies. All these binary options, trading and cryptocurrency companies are scams, I lost a huge amount of money. Things have turned out good for me, being that I was able to recover my money thanks to a recovery pro. You can reach me if you're interested in finding out how I recovered everything I lost. Rachelmillr4 {at} gmail dot com
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $11,349.90 (+1.96%)
  • Ethereum (ETH) $392.73 (+5.37%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $291.74 (+2.14%)
  • Bitcoin SV (BSV) $222.43 (+1.68%)
  • Bitcoin (BTC) $11,349.90 (+1.96%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.