The Singapore-based cryptocurrency exchange, Bitrue is set to embark on a low interest crypto lending service. This was revealed in a press release by the company published September 23.
The service which is due to commence on September 30 enables lending of BTC, ETH, XRP and USDT at the rate of 0.04% daily. Clients would access the loans with their Bitrue-held asset used as collateral.
The loan service would afford users access to small loans as little as $100 and higher in the aforementioned digital currencies with plans underway to add other cryptocurrencies.
The company announced that it has always been its objective to bridge the gap between crypto industry and the regular financial industry. It added that with its user base and current loyalty it has, this is the right time to leverage these in building the link and accomplish the vision.
The company’s CEO, Curis Wang alluded to the fact that there are more plans to make their services available to all categories of investors and borrowers, a plan that would be unfolded in stages.
According to Wang,
“Now that the Bitrue exchange has gained a loyal user base and trust within the industry, it’s a perfect time for us to launch the first of our initiatives. We find this particularly exciting as it’s an opportunity to provide access to financial services to all people, regardless of whether they’re rich or poor or where they’re located in the world.”
On the objective of being a link between the crypto market and the traditional financial sector; Wang stated that the profit generated from the lending scheme would be used to finance its Power Piggy function which enables investors to earn 10.3 percent on their investments in cryptocurrency.
At 0.04 percent daily, the Bitrue lending scheme is one of the best in the industry. The company stated that over time, users of the service would enjoy even lower interest rates if they hold the Bitrue token, the BTR coin.
Bitrue has been making remarkable inroad in the industry as an exchange prior to a hack that set the company back over 5 million dollar in user’s assets, mainly in XRP and Cardano.