ByBit rolls out cryptocurrency lending service

ByBit rolls out cryptocurrency lending service

ByBit, one of the most recent big-name platforms offering domestic cryptocurrency lending services located in Dubai, is a cryptocurrency exchange. It is broadening its cryptocurrency lending service and joining both big and small exchanges in offering a lending option that provides interest.

The exchange announced the launch of the service today. The service is advertised to pay hourly interest from credit accounts. Lenders can redeem borrowed cryptocurrency tokens without any lock-in period.

Users on the ByBit exchange can take out loans to use finance for various trading purposes on the platform. Borrowers must post an amount of collateral equal to or greater than the amount borrowed to protect their investments.

A statement from the CEO of ByBit outlines the intention of the crypto exchange advanced traders can receive capital from lenders for more advanced trading directions on the exchange.

Binance provides users with various options to gain interest on their deposited cryptocurrency assets.

KuCoin, a top-five cryptocurrency exchange by trading volume, provides a lending service.

Cryptocurrency exchange Coinbase has suspended plans to launch its Lend service in the fall of 2021 following a stern warning from the USA Exchange Commission.

It eventually settled for $30 million with the SEC over the operation of its cryptocurrency asset staking-as-a-service program in February 2023.

In the decentralized finance sector, a few major cryptocurrency exchanges provide lending services. However, crypto users have numerous opportunities to gain interest in borrowed digital assets.

Bitcoin price sweeps lows

USD 30,000 and USD 25,000 form BTC’s bullish and bearish price targets.

A new influx of bear-market volatility occurred at the start of the trading day, leading the pair of assets to fall below $27,700.

Market participants’ BTC price targets reflected the sentiment. The founder of trading firm Eight claimed a rematch at $25,000, and $30,000 was still on the table.

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