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CEX.IO to Offer Instant Cryptocurrency-Backed Lending Service in 217 Countries and Territories

Bitcoinist

Bitcoinist | Sep 08, 2020 | 09:00

CEX.IO cryptocurrency loans Press releases

CEX.IO to Offer Instant Cryptocurrency-Backed Lending Service in 217 Countries and Territories

Bitcoinist

Bitcoinist | Sep 08, 2020 | 09:00


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Issuance of the USD and EUR loans as large as $500,000 will be facilitated by a multimillion-dollar liquidity pool.  


LONDON, the United Kingdom, September 7, 2020 – CEX.IO, one of the largest international exchanges in the cryptocurrency market, is set to launch a digital asset-backed lending service in September. Available in 217 countries and territories – including Australia, the United Kingdom, the European Union, and most nations in Asia – CEX.IO LOAN will allow various cryptocurrency market participants to borrow funds against their digital asset holdings within a few minutes and without credit checks.

As part of a flexible lending service, CEX.IO customers can decide on the duration and size of a loan they take out. Loan durations range from a week to one year, while CEX.IO customers can borrow any amount between $500 and $500,000. Larger and longer duration loans will enjoy smaller interest rates. 

The service will be facilitated by a multimillion-dollar liquidity pool, a significant portion of which has already been committed by CEX.IO and its partners.

To borrow funds, users first have to deposit cryptocurrency, which serves as collateral for a loan, to their accounts. Currently, CEX.IO LOAN users can borrow funds against their Bitcoin (BTC) and Ethereum (ETH) holdings, with a 50% Loan-to-Value (LTV) ratio. Registered and verified customers receive the loans instantly. New clients will need to open an account at CEX.IO and complete a KYC procedure before sending a loan request.

A successfully issued USD or EUR loan gets credited to the borrower’s user account. The borrower can then withdraw the funds to a card or a bank account or use the money to trade cryptocurrency on the platform. After the full repayment of the loan’s interest and principal, CEX.IO automatically releases the digital asset collateral back to the borrower.

Digital asset-backed loans provide use-cases for multiple participants of the cryptocurrency market. Borrowing fiat against digital assets, instead of selling these assets, becomes a practical alternative for those who need extra capital. A loan provides necessary funds without having to give up a potential upside from cryptocurrency appreciation. For traders and investors, this liquidity injection can fuel uninterrupted market activity. For startups and sole entrepreneurs, a loan can cover operational and growth expenses.

“Our clients are a vibrant and diverse group of market participants, whose needs evolve with the industry. We aspire to provide our clients with capital that helps them capture opportunities coming their way. Our loans offer that extra boost, which traders, investors, startups, and entrepreneurs in general, need, while they can still benefit from the potential appreciation of assets they own,”- Anton Chashchin, Commercial Director for the CEX.IO LOAN service, stated.

About CEX.IO

CEX.IO LOAN is a part of the CEX.IO Group. Founded in 2013, the London-based CEX.IO operates one of the largest international exchanges of the cryptocurrency market, which has been featured among Crypto Compare’s ten best exchange services and Coin Metrics’ trusted service providers. With a multi-functional digital asset exchange, CEX.IO serves over 3 million customers worldwide with a team of over 250 professionals and offices in the UK, USA, Ukraine, Cyprus, and Gibraltar. From entry-level cryptocurrency users to professional traders as well as institutions and businesses, CEX.IO suits the needs of various crypto market participants with a reliable, high-security digital asset service.


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.


 

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