Bitget launches ‘Crypto Loans’ as its foray into the lending market.

  • Bitget launched its native “Crypto Loans” product on Tuesday.
  • Digital lending is expected to grow at a compound annual rate of 20.5%.
  • Singapore and Thailand have recently banned crypto lending.

Bitget, a digital assets trading platform based in Seychelles, launched “Crypto Loans” on Tuesday, entering the lending space.

Here’s what we know so far

The new product is specifically aimed at users who are not satisfied with traditional credit institutions. Gracy Chen, the Managing Director of Bitget, stated:

Users now have the opportunity to stake less-demanded coins, enabling them to obtain loans in more liquid assets for investment purposes.

Each loan will have a specific interest rate, although Bitget has not disclosed which cryptocurrencies will be eligible for Crypto Loans.

This news comes shortly after Bitget expanded globally by launching a new website in Turkey (find out more).

Digital lending is seeing strong demand

Between 2023 and 2032, digital lending is projected to grow at a compound annual rate of 20.5% after reaching $8.5 billion last year, indicating high demand. Chen also mentioned in the press release:

Bitget’s new product emphasizes the flexibility of collateralized currency usage, enhancing capital utilization. Our flexible borrowing and repayment mechanism caters to the needs of all users.

As the leading crypto derivatives platform, Bitget is entering the crypto lending sector at a time when several countries, including Singapore and Thailand, have banned crypto companies from offering loans.

Bitget has not specified in the press release whether the new service will be available in the United States.

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