Singapore-based digital asset exchange Bitrue announced on Monday (23 September 2019) its plans to launch crypto-backed loans on 30 September 2019.
Bitrue, which was launched on 19 July 2018, has quickly become a favorite with members of the XRP community because of the high degree of enthusiasm and support shown by its management towards XRP. One interesting fact about Bitrue is that it supported XRP as a base currency on the day that its trading platform was launched.
Currently, Bitrue offers over 50 XRP trading pairs. At press time, according to XRP Charts, in the past 24-hour period, Bitrue handed 6.1% of Total XRP Trade Volume:
In a press release shared with CryptoGlobe, Bitrue said that starting on next Monday (30 September 2019), its users will be able to pledge Bitcoin (BTC), Ether (ETH), XRP, EOS, and five stablecoins (USDT, TUSD, PAX, USDC, and GUSD) to receive loans in BTC, ETH, XRP, and USDT. Bitrue plans to add support for other pledge and loan currencies in the future.
Bitrue also says that these loans will be handed out "at low interest rates and with high loan-to-value ratios." The daily basic interest rate is 0.04%. However, eventually, users will be able to pay reduced repayment rates if they have a sufficient holding of the platform token Bitrue Coin (BTR).
Curis Wang, CEO of Bitrue, had this to say:
"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."
Once Bitrue enters phase 2 of its lifecycle, it expects to offer a wide variety of digial asset management services.
Featured Image Courtesy of Bitrue