Bybit Launches Fixed Rate Loan Service For Greater Crypto Control
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Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announced its new Fixed Rate Loan service. The exchange shared that this service offers users more control and certainty when managing their crypto assets.
It is the first time Bybit is offering a peer-to-peer (P2P) loan service with fixed interest rates and set terms. Bybit explained that this launch shows their promise to give great value to their global users.
Bybit Wants To Bridge TradFi And DeFi For An Open And Fair Web3 Ecosystem
Bybit started in 2018 and is one of the top crypto exchanges in the world. It helps over 60 million people everywhere. The company said it wants to build a fair and open crypto world.
The firm said its goal is to bring regular money (TradFi) and crypto money (DeFi) closer together. It works with blockchain groups to create strong systems and grow Web3.
Bybit shared that it offers safe places to keep crypto, many markets, and easy-to-use tools. It helps people find new ways to use crypto. Ben Zhou, the leader of Bybit, started the company after studying at the University of Pennsylvania. Before this, he worked for 7 years at a forex company.
Bybit Aims To Simplify Crypto Lending And Borrowing With Stability And Flexibility
Joan Han, Sales and Marketing Director at Bybit, shared that the Fixed Rate Loan is a fresh way for users to lend and borrow in the crypto world. She said the service brings stability, flexibility, and efficiency to meet the needs of their customers. She also shared that this loan helps Bybit’s goal of making crypto safe and simple.
Bybit explained that the Fixed Rate Loan has many choices. Users can pick coins like USDT, USDC, BTC, ETH, XRP, SOL, and MNT. More coins will be added later. People can borrow for 7, 30, 90, or 180 days.
The Loan-to-Value (LTV) starts at 80%. If it reaches 85%, there is a margin call, and at 92%, the loan ends. Borrowers and lenders must use at least 1,000 USDT or the same amount in other coins. If the loan ends, there is a 2% fee to keep things fair and safe.
Bybit explained that this new service is another step in its growth as a leader in crypto finance. The company shared that the Fixed Rate Loan is ideal for borrowers who want steady costs and lenders who want stable returns. Bybit believes the service will help users handle the changing crypto market with ease.
