Cryptocurrency wallet provider Blockchain.com has launched its official retail lending desk following its foray into institutional lending last August.
Blockchain.com, which operates a suite of crypto wallet applications with over 46 million users, has officially launched its retail lending desk. The project, called “Borrow,” allows clients to borrow the platform’s native stablecoin USD Digital gainst bitcoin held in their Blockchain.com wallets. A spokesperson said USD Digital is powered by Paxos and functions similarly to the PAX stablecoin.
Peter Smith, Co-founder and CEO of Blockchain.com, said in a press release shared with CryptoGlobe:
Institutional and retail investors have the same financial goals – grow wealth and manage risks – but the tools at their disposal are vastly different,. Now, with our suite of trading products and Borrow, retail users can trade like the big guys without selling the crypto they’ve stockpiled or leaving their Wallet.
The lending desk currently only supports bitcoin, but has plans to expand coverage for more cryptoassets “soon.”
Borrow’s launch follows on Blockchain.com’s foray into institutional lending markets last August, with the platform increasing its loan originations to $120 million.
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