Bitfinex Borrow lists XRP, Litecoin, EOS and Polkadot
Today trading platform Bitfinex announced that it has added Ripple (XRP), Litecoin (LTC), EOS and Polkadot (DOT) as collateral on Bitfinex Borrow, aka its crypto lending service.
Those who decide to The News Spy lend their cryptos will then get up to 80% of the value of their XRP, LTC or EOS and up to 70% of their DOT in the stablecoin Tether (USDt) or US Dollars (USD).
Paolo Ardoino, CTO of Bitfinex, explained this news as follows:
„The addition of support for XRP, Litecoin, EOS and Polkadot on Bitfinex Borrow will give our users more freedom and flexibility in borrowing from our highly liquid peer-to-peer lending marketplaces. In addition, this gives our users additional opportunities to use some of their favourite cryptocurrencies.“
As of today, 14 December 2020, lending rates are:
- XRP 13.07%
- LTC 7.9%
- EOS 0.0192%.
- DOT 0.0004%.
These percentages are to be calculated as Annual Percentage Rates (APR) per year.
How to use the Bitfinex Borrow platform
To get these loans, users will first have to deposit the collateral in XRP, LTC, EOS or DOT in the Margin wallet on Bitfinex. The loan will then arrive on this same wallet. Obviously these same cryptos are also listed on the exchange so you will be able to easily switch from the trading wallet to the margin wallet.
To make loans with Bitfinex Borrow users will have to pass the KYC at the highest level, while those with intermediate KYC will be able to access the program but will not be able to withdraw funds.
Bitfinex Borrow had also recently added loans in euros and yen, having up to 80 percent of the value in euros or up to 70 percent of the value of its cryptos in yen, while the relevant APRs amount to 4.56 percent for euros and 62.53 percent for yen.