Crypto Loans By Bitget; A Seamless Means Of Lending And Borrowing

[MetaverseLawyer]

Crypto loans are slowly becoming an integral part of the crypto space. It practically entails using cryptocurrency assets as collateral to borrow cryptocurrencies. Hypothetically, users can borrow a certain amount of token B by pledging a specific quantity of token A, and they need to pay a certain amount of interest to the platform. 

In contrast to Defi loans, Bitget have come up with its own loans. As opposed to the former, there is no requirement for external addresses, simpler borrowing operations and no gas fees. 

Interestingly, the platform is giving latitude to its users to enjoy a super low interest rate of 10% for USDT. 

However, with respect to Bitget Crypto Loans, the framework does not support collateral pairs of the same currency, for instance, you cannot use LTC as collateral to borrow more LTC, you can only borrow the latter by using a non BTC cryptocurrency asset as collateral.