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


Read more about

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC