Establishing a partnership with Galatasaray, one of the deep-rooted football clubs of our country, in the past. cryptocurrency exchange Bitget is making a significant breakthrough. Making an important announcement at the beginning of the week, the trading platform announced that it has decided to enter the crypto debt and loan market.
The new platform, called Crypto Loans, will provide cryptocurrency-based loans to customers who are dissatisfied with institutions in the traditional system. Individuals in need of financing will be able to borrow another digital asset by providing the asset in their hands as collateral.
The leading cryptocurrency exchange wants to take advantage by shortening loan review times on its platform. Bitget manager Gracy Chen stated that they provide certain advantages to crypto lovers who want to stake with the Crypto Loans service.
The exchange will enable customers to borrow more liquid assets by collateralizing low-demand altcoins. Chen praised the platform’s initiatives, emphasizing its flexible borrowing and repayment mechanisms.
Great Opportunity in Crypto Loan Industry!
The bear market, which started in the last days of 2021, put crypto loan companies on the agenda of the sector. Lenders such as Celsius, Voyager, and BlockFi, which went bankrupt one after another, negatively impacted Bitcoin and altcoin prices. The digital asset debt market has lost considerable strength and confidence in the past year.
Other players, who take advantage of the gap created by bankrupt companies, are investing in this area. Apart from Bitget, which made an announcement today, altcoin project Maple Finance announced its new debt platform last week.
It is still a matter of curiosity whether the crypto debt market, which has lost confidence due to sinking companies, will return to the old days.
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