Bitget platform’s new product highlights the flexibility of collateralized currency usage
Bitget, top crypto derivatives, and copy trading platform, has entered the rapidly expanding cryptocurrency loan sector with the launch of its native Crypto Loans product. The new offering is intended to attract a new audience of users dissuaded by traditional credit institutions and seeking alternative funding via digital assets. Each loan is issued at a specific interest rate to pay, with the borrowed amount determined by the market value of the staked collateral. The loans are issued within a predetermined period; users can repay before or before the deadline.
Gracy Chen, BitGet’s managing director, said the lending program helps borrowers grow their investment portfolio beyond their current coins.
“Bitget’s new product highlights the flexibility of collateralized currency usage, enhancing capital utilization. Users now have the opportunity to stake less-demanded coins, enabling them to obtain loans in more liquid assets for investment purposes. Our platform’s flexible borrowing and repayment mechanism is designed to cater to the needs of all users, accommodating their requests and ensuring convenience.”
The platform also stresses the support for withdrawals and the swift review process on loan applications as selling points for the new product. Considering the high degree of security that Bitget boasts and it’s market reputation as a reliable financial platform, users can be sure that security guarantees are in place and that the safety of their collateral is ensured.
The Singapore-based platform is stepping up at a time when it sees tailwinds in the digital lending market. According to a report by Allied Market Research, the market size was $12.6 billion in 2022 and is projected to grow to $71.8 billion by 2032. In a separate Global Market Insights report cited by Bitget, it was predicted that the digital lending market would reach $60 billion by 2032.
Compared to traditional lending, digital lending decisions can come much faster a matter of days instead of weeks. At the same time, digital loans have associated risks, including the dangers of hacking and fraud, according to a March 2023 report from the United States Government Accountability Office. The recent investment in BitKeep and its subsequent rebranding into Bitget Wallet is one of the latest steps Bitget has undertaken to penetrate the Web3 space and create a single access gateway for users resorting to its ecosystem of products aimed at global crypto adoption.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL.
