- Bitget launched a native “Crypto Loans” product on Tuesday.
- Digital lending is expected to grow at a CAGR of 20.5%.
- Singapore and Thailand recently banned crypto lending.
Bitget – The Seychelles-based digital asset trading platform launched “Crypto Loans” on Tuesday to make its debut in the lending space.
Here’s what we know so far
The new product will specifically cater to users unsatisfied with traditional credit institutions. Bitget’s managing director, Gracy Chen, said:
Users will have the opportunity to stake less demanded coins and will be able to obtain loans in more liquid assets for investment purposes.
According to each row, press release, linked to a specific interest rate. However, Bitget did not disclose which cryptocurrencies the crypto loan will cover.
The news comes just days after Bitget officially entered Turkey with the launch of a new website as part of its global expansion efforts (more info here).
Strong demand for digital lending
After reaching a level of $8.5 billion last year, digital lending is expected to grow at a CAGR of 20.5% from 2023 to 2032, suggesting strong demand. Chen also said in a press release today:
Bitget’s new product emphasizes the flexibility of using collateral currencies and enhances capital utilization. Our flexible borrowing and repayment mechanisms meet the needs of all users.
The top crypto derivatives platform has several countries looking to enter the crypto lending sector, including: Singapore and sea breambanned cryptocurrency companies from issuing loans.
Bitget didn’t say in its press release whether the new service will be available in the US.