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Bitfinex Borrow lists XRP, Litecoin, EOS and Polkadot

Bitfinex Borrow is the exchange’s cryptocurrency loan service

Today, the Bitfinex trading platform announced that it has added Ripple (XRP), Litecoin (LTC), EOS and Polkadot (DOT) as collateral on Bitfinex Borrow, its cryptocurrency lending service. Whoever decides to use their encryption as collateral will receive up to 80% the value of your XRP, LTC or EOS and up to 70% of your DOT in stablecoin Tether (USDt) or in US dollars (USD).

Paolo Ardoino, CTO of Bitfinex, explained this news:

“Adding support for XRP, Litecoin, EOS and Polkadot in Bitfinex Borrow will give our users more freedom and flexibility when borrowing in our highly liquid peer-to-peer loan markets. It also provides our users with additional ways to use some of their favorite cryptocurrencies. “

As of today, December 14, 2020, loan rates are:

XRP 13.07%.
LTC 7.9%
EOS 0.0192%
DOT 0.0004%.

These percentages must be calculated as annual APR (annual percentage rate).

How to use the Bitfinex Borrow platform

To obtain these loans, users must first deposit the guarantee in XRP, LTC, EOS or DOT in Bitfinex’s Margin wallet. The loan will arrive in this same portfolio. Obviously, these same cryptocurrencies are also listed on the exchange, so it will be easy to switch from the trade portfolio to the Margin portfolio.

For Bitfinex Borrow loans, users will have to go through the highest level of KYC, while those with intermediate KYC will be able to access the program, but will not be able to withdraw funds.

Bitfinex: loans also in euros and yen

Bitfinex Borrow also recently added euro and yen loans, with up to 80% of the cryptocurrency’s value in euros or up to 70% in yen, while the related APRs reach 4.56% for euros and 62.53% for yen.

Source: Cryptonomist

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