ROAD TOWN, British Virgin Islands, December 1, 2020 9:00 AM UTC – Bitfinex, a state-of-the-art digital token trading platform, has added euro (EUR) and yen (JPY) to Bitfinex Borrow, a peer-to-peer (P2P) digital token loan portal.
The addition of EUR and JPY to Bitfinex Borrow provides users with additional sources of liquidity for trading strategies. Borrowers will be able to leverage their bitcoin (BTC) holdings by using BTC held on the platform as collateral in order to obtain a loan in either EUR or JPY.
Borrowers will be able to obtain loans of up to 80% and 70% of the value of their bitcoin holdings in EUR and JPY, respectively. A EUR and JPY loan levy a typical Annual Percentage Rate (APR) of 4.56% and 62.53%, respectively.
“We’re pleased to make these two major currencies available to our growing customer base on Bitfinex Borrow,” said Paolo Ardoino, CTO at Bitfinex. “Broadening the loans available in our highly liquid peer-to-peer lending markets further demonstrates our commitment to offering new products that appeal to our users.”
Borrowers can choose between a variable interest rate based upon the Flash Return Rate (FRR) or a fixed-rate loan. The annual and daily interest rates, as well as total lending and repayment amounts, are calculated based on the amount of bitcoin put down as collateral, loan amount, borrowing period and preferred interest rate option.
Users can make a partial or full repayment on both the principal and interest of the loan by moving funds back into their Margin wallet, thereby reducing their daily interest rate. Borrowers of EUR or JPY will have to manage their own risk of fluctuating bitcoin prices.
While fully verified users will have full access to Bitfinex Borrow, users verified at the intermediate level will not be able to withdraw the borrowed funds from the platform. To begin the verification process today, please visit: bitfinex
Nothing in this press release is financial, investment or other advice. Nothing in this press release is an offer to borrow or lend or the solicitation, recommendation or endorsement of any course of borrowing or lending. Any references in this press release to returns are only hypothetical and not guaranteed.
*The rates, payment amounts and collateral price reflected represent an estimate, based on current market conditions, of the interest rates and amounts payable based on the loan amount, collateral and duration selected. These values are hypothetical and not guaranteed to be the same as, or reflective of the actual interest rate, payment obligations or collateral price applicable to a loan a user decides to take. This information is provided for information purposes only.
*All deposits, activities, and users are subject at all times to all of the terms of service in effect on Bitfinex. U.S. persons are not permitted to use Bitfinex or any of its services.
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit bitfinex to learn more.
Joe Morgan, Senior PR Manager, Bitfinex