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Cryptocurrency wallet and exchange provider Blockchain.com 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,” Blockchain.com 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 Blockchain.com 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.
