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Bitfinex, a state-of-the-art digital token trading platform, has added XRP (XRP), Litecoin (LTC), EOS (EOS) and Polkadot (DOT) as collateral on Bitfinex Borrow, a peer-to-peer (P2P) digital token loan portal.
Borrowers will be able to obtain loans of up to 80% of the value of their XRP, LTC or EOS holdings or up to 70% of the value of their DOT holdings in either Tether tokens (USDt) or US Dollars (USD).
“Adding support for XRP, Litecoin, EOS and Polkadot on Bitfinex Borrow will provide our users with more freedom and flexibility when taking out loans from our highly liquid peer-to-peer lending markets,” said Paolo Ardoino, CTO at Bitfinex. “This also provides our users with additional avenues to utilise some of their favourite cryptocurrencies.”
At the date of this announcement, borrowing rates for these four cryptocurrencies are as follows: XRP 13.07% Annual Percentage Rate* (APR), LTC 7.9% APR, EOS 0.0192% APR, DOT 0.0004% APR.
Borrowers will first need to deposit enough collateral in XRP, LTC, EOS or DOT into their Margin wallet, before using these four cryptocurrencies as collateral to obtain a loan, which will be credited to the borrower’s Margin wallet. Borrowers can use the borrowed funds either on the Bitfinex platform or for any purchase outside of the Bitfinex platform.
While fully verified users will have full access to Bitfinex Borrow, users verified at the intermediate level will not be able to withdraw the borrowed funds from the platform. To begin the verification process today, please visit: https://www.bitfinex.com/verification
