back Back

P2P digital token loan portal Bitfinex Borrow adds Tezos (XTZ) as collateral

By Edil Corneille

February 17, 2021

  • Hong Kong
  • P2P
Share

Bitfinex, digital, token, Tezos, XTZ, loanBitfinex, a digital token trading platform, has added Tezos (XTZ) as collateral on Bitfinex Borrow, a peer-to-peer (P2P) digital token loan portal. Bitfinex customers will be able to obtain loans of up to 70% of the value of their XTZ holdings in US Dollars.

“We’re pleased to welcome the Tezos community to our highly liquid peer-to-peer lending markets,” said Paolo Ardoino, CTO at Bitfinex. “We anticipate great interest from Tezos holders in using Bitfinex Borrow to obtain a personal loan.”

Borrowers can select XTZ from the list of currencies they wish to use as collateral, displayed on the Bitfinex Borrow page, before depositing sufficient collateral into their Margin wallet.

A customer can choose between a variable interest rate based upon the Flash Return Rate (FRR) or a fixed-rate loan. The annual and daily rates, as well as total lending and repayment amounts, are calculated based upon the amount used as collateral, the loan amount, borrowing period and preferred interest rate option.

Borrowers can choose the length of time over which a loan is repaid, with fixed-rate loans offering a maximum 120 day term. When an outstanding fixed-rate loan expires after 120 days it is automatically converted into a variable-rate loan.

The personal loan will be credited to a borrower’s Margin wallet. Borrowers can make partial or full repayments on both the principal and interest of the loan by moving funds back into their Margin wallet, thereby reducing their daily interest rate. Borrowers will have to manage their own risk of the fluctuating XTZ price.

While Bitfinex customers verified at the intermediate or full level can obtain access to Bitfinex Borrow, only fully verified users can borrow fiat currencies and withdraw fiat from the platform.

In addition to a suite of advanced trading features and charting tool, Bitfinex provides access to P2P financing, an OTC market and margin trading for a wide selection of digital assets and derivatives trading.

Previous Article

February 17, 2021

Welsh FinTech Yoello continues its expansion landing in Australia

Read More
Next Article

February 17, 2021

BMO unveils small business bundle as part of its Canadian Defence Community Banking Program

Read More








IBSi Daily News Analysis

March 22, 2024

Hong Kong

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 28, 2024

Sindhuja Microcredit secures $14.5m in Series C Funding round

Read More

March 28, 2024

Pulsate joins the Jack Henry™ Vendor Integration Program

Read More

March 27, 2024

5 Digital banks revolutionising the FinTech landscape in Hong Kong

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023