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Bitfinex Borrow now offers loans in euros and yen
Bitfinex Borrow now offers loans in euros and yen
Crypto

Bitfinex Borrow now offers loans in euros and yen

By Alfredo de Candia - 1 Dec 2020

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In a statement released a few hours ago, Bitfinex, one of the world’s leading crypto exchanges, announced that it has introduced two new assets to the Bitfinex Borrow platform, namely euros (EUR) and yen (JPY).

This is a platform that allows users to take advantage of their crypto to obtain a loan in the fiat currency they prefer and without liquidating their crypto, as it is a loan that uses cryptocurrencies as collateral.

Until now the options to receive a loan in different fiat currencies had been very limited and it was necessary to undergo a mandatory exchange rate in dollars, but now Bitfinex has added the Japanese currency and also the European one.

How does Bitfinex Borrow work

This platform allows users to borrow up to 80% of the value of their crypto in euros or up to 70% of the value of their crypto in yen, while the related APR (Annual Percentage Rate) amounts to 4.56% for euros and 62.53% for yen.

An offer that continues to expand compared to the competition, as recalled by the CTO of Bitfinex, Paolo Ardoino:

“We’re pleased to make these two major currencies available to our growing customer base on Bitfinex Borrow. 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 FRR (Flash Return Rate) or a fixed interest rate that does not change over time, while interest will be calculated on a daily basis calculated according to the amount of the loan and the time until repayment.

Users can also decide to make a partial or total repayment of both the capital and interest of the loan by moving the funds to their Margin Trading Wallet, thus reducing their daily interest rate.

To obtain a loan it is necessary to be a verified user and undergo the KYC procedure on Bitfinex.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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