Users can borrow bitcoin in exchange for three fiat currencies and one stablecoin: US dollars (USD), euro (EUR), Japanese yen (JPY), and Tether (USDT). While for ether loans, users can only use USD as collateral.
As for loan to value ratios, bitcoin loans are available for up to 80% of the value of USD, EUR, and USDT holdings, and up to 70% for JPY holdings.
For ETH loans, the percentage is up to 80% of USD holdings.
Bitfinex charges a 4.16% and 1.14% interest rate per annum for bitcoin and ether loans, respectively. The service is available only for “fully verified” users.
The Bitfinex Borrow platform was launched in November and already offers USDT and USD loans against bitcoin and ether holdings as collateral.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Bitfinex now offers personal loans in bitcoin and ether written by Yogita Khatri @ https://www.theblockcrypto.com/linked/88423/bitfinex-personal-loans-bitcoin-ether?utm_source=rss&utm_medium=rss December 18, 2020 Yogita Khatri