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Blockchain.com, a leading provider of bitcoin wallet and blockchain explorer, last week officially announced its own lending desk from Blockchain Markets.
The announcement follows after the company unveiled its own cryptocurrency exchange, called ‘The PIT,’ in July this year. With its lending desk, Blockchain is set to compete with firms like Genesis Global Trading and BlockFi.
According to the details in an online post, Blockchain launched the lending desk to a select group of clients in August. Since then, it said that its “lending operation has quickly grown, making Blockchain.com one of the top five lenders in crypto. Our institutional clients have lent, traded, or borrowed over $1.6B in cryptocurrencies.”
Breaking the figure down, The Block reported that Blockchain lent $10 million in new loans in August and is on track to lend out $120 million this month.
"We don't really have a size limit," Peter Smith, CEO of Blockchain.com, said. "That's probably unique and why other lending desks borrow from us."
Blockchain noted the concerns of institutional investors about the availability of reliable counterparties who can lend at large scale across any of the top 20 cryptocurrencies, USDt, and USD. Further underscoring the evolving needs of institutions, it emphasized the need for such partners that can not only lend at large scale but also customize agreements that prioritize risk over revenue.
“We’re able to offer clients bespoke borrowing agreements that take into account the unique aspects of crypto versus standard lending terms. The results from investing the time to forge deep, strategic partnerships with our clients have already been evident,” Blockchain said.
“The relationships we’ve established with clients are not only expanding liquidity for the crypto community and emerging networks, but doing so responsibly.”
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