Bitrue, a popular Singapore-based crypto exchange, has announced it plans to launch a crypto-backed loans platform, the company has said in a press release.
The platform, which should be launched on September 30, will offer loans in bitcoin, ethereum, XRP and USDT with a 0.04% daily interest rate.
Users will be able to pledge crypto assets already held by Bitrue as collateral against their $100-minimum loans.
The launch of this new platform is part of the exchange development process, which has announced it plans to add new assets to the loan service in the future.
Curis Wang, CEO of Bitrue, said:
"Bitrue’s goal from the beginning was always to bridge the emerging crypto markets with the traditional financial services sector. Now that the Bitrue exchange has gained a loyal user base and trust within the industry, it’s a perfect time for us to launch the first of our initiatives. We find this particularly exciting as it’s an opportunity to provide access to financial services to all people, regardless of whether they’re rich or poor or where they’re located in the world."
The launch of this new product comes just 3 months after a group of hackers stole $4M belonging to users.
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