Yet another exciting update on the Crypto.com exchange. This time, the popular crypto fintech platform has disclosed plans to list three new cryptocurrencies as loan currencies on its lending platform.
This is great news for the entire Crypto.com community as users will have more options to choose from when accessing the fintech’s platform loan feature. Interestingly, it has also added support for DAI as loan collateral on the lending platform. According to the official blog post, the tokens to be supported as loan currencies on the loan platform will now include UNI, DOGE, and YFI.
New loan currencies on Exchange Lending:
✅ Deposit crypto and receive a loan in $DOGE, $UNI & $YFI
✅ LTV ratio of up to 50%
✅ Interest rates as low as 1% APR
✅ Flexible repaymentsAvailable for retail & institutional users. pic.twitter.com/sTOpdtLNe7
— Crypto.com (@cryptocom) March 8, 2021
Crypto.com Lending Platform
Following the launch of its lending platform, Crypto.com users now have access to instantaneous loans with a Loan-to-Value (LTV) ratio as high as 50%. Adding support for DOGE, YFI, and UNI as loan support means that users can receive these tokens as loans by borrowing against certain crypto in their wallets. Also, users will be able to receive funds without having to sell their cryptocurrencies. They will, however, be required to pay back the loan at any time either partially or in full.
Interestingly, the lending platform does not require any form of early repayment fees. Cryptocurrencies supported as collateral on the platform include BTC, ETH, LINK, USDT, USDC, CRO, LTV, XRP, VET, DOT, and the recently added DAI. Cryptos supported as loan currencies, including the recently launched three, brings the total supported cryptocurrencies to nine (9). They include BTC, ETH, XRP, USDC, USDT, DOGE, UNI, YFI, and LINK. The Loan-to-Value (LTV) ratio also ranges from 25% to 33% to 50%.
Secure an Instant Loan With DAI as Collateral
Apart from adding support for UNI, DOGE, and YFI as loan currencies, the fintech platform also listed support for DAI as loan collateral. This means that interested persons can now access funds by borrowing against DAI.
New collateral token for Exchange Lending:
✅ Secure an instant loan with $DAI
✅ LTV ratio of up to 50%
✅ Interest rates as low as 1% APR
✅ Flexible repaymentsAvailable for retail and institutional users. pic.twitter.com/hT3LyoXUYZ
— Crypto.com (@cryptocom) March 8, 2021
To have access to the Crypto.com loan feature, users need to complete their advanced level verification. Interestingly, users who stake CRO, the Crypto.com native token, can earn much-reduced interest rates on their loan
It is important to note that the lending feature will only be available to users in accepted jurisdictions.
About Crypto.com
The crypto fintech and card-issuing platform is well-known for its focus on giving users total control over their funds. Interestingly, the platform is also looking to facilitate global crypto adoption, subsequently catalyzing the move to cryptocurrency from fiat.
Crypto.com is also known for its focus on being regulatory-compliant. It is the first crypto company to receive ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013, and PCI:DSS 3.2.1, Level 1 certifications.
CRO Price
At the time of writing, CRO was trading at $0.161582, with a market cap of $3,951,759,523 and a 24-hour trading volume of $216,596,059.
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