Bitfinex has just announced that it has added the IOTA cryptocurrency as collateral on the Bitfinex Borrow platform, which is the branch of the exchange where it is possible to do crypto lending.
This decision comes after Bitfinex recently ran a poll on its social media to see which cryptocurrency the community would prefer to see added as collateral.
Well, in doing so, Bitfinex found that the choice fell on IOTA, which in fact received 87.6% of the votes.
Paolo Ardoino, CTO of Bitfinex and Tether, explained:
“Our customers have spoken, IOTA’s success in our recent social poll is a testament to its enduring popularity and track record for innovation in the field of distributed ledger technologies.”
How will lending with IOTA work on Bitfinex Borrow
As a result, Bitfinex customers can now borrow up to 70% of the value of their IOTA in US dollars. At the same time, those who want to lend their IOTA will obviously have to take into account the price volatility that the cryptocurrency in question might have.
In November 2020, Bitfinex had already introduced IOTA in its IOTAF0:USTF0 perpetual contracts.
What is Bitfinex Borrow
As is now clear, Bitfinex’s lending platform is a peer-to-peer portal for people to borrow or lend their cryptocurrencies or dollars, euros and yen. There are currently 12 other cryptocurrencies to borrow via the Bitfinex Borrow service including DOT, XRP, Litecoin and EOS, which were added last December.
The latest news on IOTA
In January 2021, IOTA had published a report with all the latest updates on the development of the project, listing all the progress that had been made in the last period. The report shows that the project is definitely moving forward, despite the problems that occurred on the network a year ago, in March 2020.
Incidentally, more recently, Cardano had announced that it was interested in finding a way to be interoperable with IOTA and Litecoin.