ByBit, a cryptocurrency exchange based in Dubai, has launched a service where users can lend out their cryptocurrencies for interest. This puts ByBit in the same group as other major exchanges that already offer similar services.
ByBit has launched a new cryptocurrency lending service for its users, following in the footsteps of several other major exchanges.
ByBit, a cryptocurrency exchange based in Dubai, has launched a cryptocurrency lending service. Users can deposit their cryptocurrencies and earn interest payouts from lending pools. The service offers hourly interest payments, and lenders can deposit or redeem their cryptocurrency without any lock-up periods.
On the other hand, those who want to borrow money from the exchange can do so by pledging assets as collateral. The amount of collateral they need to put up is equal to or greater than the amount of money they are borrowing. This is to ensure that lenders’ investments are protected. Borrowed funds can then be used for various trading activities on the platform.
ByBit CEO and co-founder, Ben Zhou, has said that the cryptocurrency exchange intends to provide users with a way to earn profits. The exchange also aims to provide advanced traders access to more funds for trading options on the platform.
ByBit has launched a cryptocurrency lending service, joining other major exchanges that offer similar services. Users can earn interest payouts by depositing cryptocurrency, while borrowers can take out loans to use for trading options. ByBit CEO Ben Zhou stated that the service offers users a way to generate returns and allows advanced traders to access capital. Binance is another exchange that offers services allowing users to earn interest on deposited cryptocurrency assets.
KuCoin is a popular cryptocurrency exchange that provides a lending service for many types of tokens. Meanwhile, OKX offers a loan service that allows users to borrow funds using their deposited tokens, but it does not have a lending service for users on its exchange platform.
