Exchanges

Bitfinex Borrow launches Euro (EUR) and Yen (JPY) loans

Bitfinex is under investigation in New York

Lending platform Bitfinex Borrow has added Euro (EUR) and Yen (JPY) to its peer-to-peer digital token portal.

The addition of two new fiat currencies provides users with additional sources of liquidity for trading strategies. Users can leverage their Bitcoin holdings by using BTC held on the platform as collateral in taking the fiat loans.

Those looking to borrow EUR or JPY on Bitfinex Borrow will be able to do so at a rate of up to 80% and 70% of the value of their Bitcoin holdings, with an APR of 4.56% and 62.53% respectively.

“We’re pleased to make these two major currencies available to our growing customer base on Bitfinex Borrow,” said Paolo Ardoino, CTO at Bitfinex. “Broadening the loans available in our highly liquid peer-to-peer lending markets further demonstrates our commitment to offering new products that appeal to our users.”

Users can opt to choose between a variable interest rate based upon the Flash Return Rate (FRR) or a fixed-rate loan. Annual and daily interest rates are calculated based on the amount of Bitcoin put down as collateral as well as the borrowing period.

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Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.