$60 Million and Rising: China’s Crypto Funds Try Lending to Beat Bear Market
Investors such as Bixin Capital, FBG Capital and Dong Zhao’s DGroup have been lending tens of millions of dollars in crypto since the fall.
The growth in crypto lending platforms is giving birth to a new type of valuation metric: interest rates.
China-based RenrenBit has disclosed it took $600,000 in net income from revenue of $2.3 million in 2019.
Crypto lending platform BlockFi has begun extending credit to miners as competition for their business has eased during the coronavirus crisis.
BlockFi, the cryptocurrency lending service, is expanding into trading with an unusual, zero-fee model.
Crypto exchange Binance is now offering users up to 15% in annualized interest for lending their crypto assets such as BNB and USDT.