Dubai-based cryptocurrency exchange, ByBit, has announced the launch of its internal cryptocurrency lending service.
Dubai-based cryptocurrency exchange, ByBit, has announced the launch of its internal cryptocurrency lending service. This service allows users to deposit cryptocurrency and receive interest payments.
We are excited to announce the launch of #Bybit Lending!You can now earn hourly interest of up to 16.46% on your idle assets.
— Bybit (@Bybit_Official) May 2, 2023
The lending service provides an alternative way for traders and investors to profit from their cryptocurrency holdings. Borrowers on the ByBit exchange are required to post collateral assets equal to or greater than the loan amount to ensure the protection of lenders. Lenders can deposit and redeem cryptocurrency tokens they have lent out without any lock-up periods, and the service promises hourly interest payments from lending pools.
The introduction of ByBit’s lending service follows the trend of other major cryptocurrency exchanges offering coin lending services. Binance provides several services that allow customers to earn interest on their deposited Bitcoin assets, while KuCoin offers lending services on a wide range of tokens. OKX allows users to borrow money against deposited tokens but does not enable user lending on its exchange platform.
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