Bitrue Exchange to Launch Crypto-Backed Loan Platform

The service, which goes live on Sept. 30, loans BTC, ETH XRP and USDT at a 0.04% daily interest rate.

AccessTimeIconSep 24, 2019 at 7:15 p.m. UTC
Updated Sep 13, 2021 at 11:29 a.m. UTC

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.

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.

Image via CoinDesk archives

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.