Gate.io, one of the oldest crypto-to-crypto exchanges present in 400+ markets, announced the launch of a new exciting feature. Known as Crypto Loan, it facilitates crypto loan requirements right from the spot accounts.
According to the official announcement, the new platform gives users an opportunity to scale up their crypto capital opportunities. Particularly, it works in favor of those who don’t hold sufficient crypto funds to trade freely. They can borrow the crypto assets they wish to trade with certain collateral.
There is more to the feature. It also allows users to place lending orders and earn stable profits in the form of annual interest rates that can go up to 73%. For those who like to HODL and trade at the same time, Crypto Loan creates a free playground. The users can HODL their favorite crypto assets in the spot account as collateral and borrow the coins they wish to trade. The feature also circumvents the hassle of transferring crypto assets to margin accounts. Consequently, the user can borrow coins right from the spot accounts.
According, Marie Tatiboute, Gate.io CMO, the Crypto Loan feature is making Gate.io a distinctive service. This is because Gate.io also offers a Hold & Earn staking program. The users can add multifold profits to their collateral crypto funds.
To begin with, USDT and BTC loans will be available at a 7.3% interest.
Currently, Gate.io is hosting a competition to stir participation. To partake in it, the user needs to let the Gate.io team know their favorite HODL/Trade pair. The name of a randomly selected winner will be announced during a Livestream this Friday (13th December) at 8:00 AM GMT. And the lucky one will be rewarded with 300 Gate Tokens (GT).
Previously, we reported about the exciting discounted EOS sale event by Crypto.Com. Make sure to find out how to get those coins. And do let us know how you feel about crypto loans in general.
Have you tried them? If so, what was the experience like?