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.
📣New currencies available for loans on Bitfinex Borrow📣
From today, Euro (EUR) and Yen (JPY) are available on #BitfinexBorrow!
Discover the loan rates and length of time over which a loan can be repaid⬇️https://t.co/guz9w7Pv8N pic.twitter.com/QvXTz60VWT— Bitfinex (@bitfinex) December 1, 2020
“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.
For more news, guides and cryptocurrency analysis, click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.