Bybit, the third most used crypto platform worldwide, has unveiled a new service, the Crypto Loans program. This service allows its users to access collateralized loans. Hence, users can now control their capital more efficiently.
Bybit Crypto Loans Offer More Liquidity To Users
According to Bybit, users can use their crypto holdings as collateral for borrowing BTC, ETH, and XRP and rent stablecoins like USDC and USDT. Users of the crypto exchange have access to more liquidity without selling their crypto holdings.
Meanwhile, Bybit Crypto Loans has several benefits users can take advantage of. First, there are immediate loan funds that users can get and repay at any time with no penalty.
Second, the loans have good interest rests that will benefit users. Lastly, the steps to pay back the loans are easy and simple for users to understand.
The new program also allows users to take loans with idle funds. By so doing, they make their capital more efficient and can maximize opportunity costs.
Potential Uses Of The Loans
Bybit customers who do not wish to sell their holdings can obtain a loan for several uses. First, they can decide to place a short-term trade with the loan they obtained.
In addition, they can also purchase a passive income offer from Bybit Earn. This product can offer them more interest rate than the loan cost. Furthermore, they could simply withdraw the fund to use elsewhere.
Ben Zhou, the CEO and co-founder of Bybit, noted that various opportunities are around for investors in the bear market. According to Zhou, the platform’s Crypto Loans offer maximum flexibility to users.
Furthermore, the CEO said users can now employ stablecoins and cryptocurrency stacks to expand their digital asset portfolio. He advised crypto users to capitalize on the several passive income and trading opportunities found on Bybit.
Author: Ifeanyi Egede