Bitrue Exchange to Launch Crypto-Backed Loan Platform

Danny Nelson

Singapore-based exchange Bitrue is launching a low-interest crypto lending platform, the company said.

The service, which goes live on Sept. 30, loans BTC, ETH, XRP and USDT at a 0.04 percent daily interest rate. Users pledge existing Bitrue-held crypto assets as collateral against their $100-minimum loans.

Bitrue will fund its novel “power piggy” crypto-holding rewards program with users’ loan interest payments.

Related: How Celsius Turned Its Crypto ICO Into a Billion-Dollar Lending Business

The loan platform rollout is part of a larger shift for the XRP-focused exchange, CEO Curis Wang said in a statement, alluding to more financial instruments in the pipeline.

“Bitrue’s goal from the beginning was always to bridge the emerging crypto markets with the traditional financial services sector,” Wang said.

“It’s a perfect time for us to launch the first of our initiatives.”

The new product launch comes only three months after the company was sidetracked by hackers stealing more than $4 million in users’ crypto assets from the exchange. Company representatives said those funds were insured and users were made whole.

Related: Crypto Lenders Have Earned Just 2% on $4.7 Billion in Loans: Report

Image via CoinDesk archives

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