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Computer screen with list of cryptocurrency exchange rates
November 12 2020

Crypto exchange launches P2P venture

Kathryn Gaw Cryptocurrency, Industry News, News, Top 3 bitcoin, Bitfinex, Bitfinex Borrow, Ethereum, Paolo Ardoino

Cryptocurrency trading platform Bitfinex has launched Bitfinex Borrow, a peer-to-peer digital token loan exchange.

Borrowers can use their bitcoin or Ethereum holdings as collateral to secure a loan in either Tether tokens or US dollars.

Read more: Crypto-platform secures blockchain partnership

The borrowing rates are calculated on a customer-by-customer basis, and are based on factors including the value of the tokens put down as collateral, the loan amount, the borrowing period and the preferred interest rate option.

Bitfinex offers either a variable interest rate based upon the site’s Flash Return Rate or a fixed-rate loan, with rates ranging from approximately 5.5 per cent to 18.25 per cent APR.

Repayments can be made in part or in full by moving funds back into the margin wallet on the platform. However, users will have to manage their own risk of fluctuating bitcoin or Ethereum prices.

Read more: Aave observes correction across cryptocurrency assets

“Bitfinex Borrow is an intuitive and user-friendly service that will facilitate responsible borrowing, with the taking out of personal and corporate loans from our highly liquid P2P lending markets,” said Paolo Ardoino, chief technology officer at Bitfinex.

“We launched this service after carefully considering the needs of our sophisticated and growing customer base.”

Bitfinex was founded in 2012 as a cryptocurrency trading platform. Since then, it has expanded its remit to include advanced trading features and charting tools, as well as margin trading, derivatives trading, an over-the-counter market, and now P2P financing.

Read more: JustUs founder says BoE digital currency would be “turning point for sector”

Dutch P2P firm Geldvoorelkaar partners with debt marketplace CrossLend Peer-to-peer lenders ‘optimistic’ Covid vaccine will boost sector

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