The move to launch the cryptocurrency lending service will go a long way in bringing the much revered DeFi product to thousands of BitMax customers.
A foremost cryptocurrency exchange in Japan BitMax and an offshoot of Japan-based social media messaging giant LINE has unveiled its cryptocurrency lending service. Per reports from CoinDesk Japan, the LINE backed exchange BitMax’s lending service will allow users to lend crypto assets such as Bitcoin and Ethereum to exchanges and obtain rental fees.
Determined to offer more value-added services to its over 81 million users, the lending service from BitMax will let users earn a competitive interest rate of up to 10% per annum. As detailed by the company, users will be able to lend their cryptocurrency assets to BitMax which is subsequently passed on to borrowers.
As CoinDesk noted, customers who take up funds (borrow) can return the cryptocurrency assets within a day and up to 7 days and has the option of liquidating the cryptocurrency following incessant price fluctuation. In addition, LVC will carry out a campaign from the 7th to the 30th of this month to raise the annual loan rate to 10%.
The surge in cryptocurrency lending services is gaining traction around the world with the ongoing Decentralized Finance (DeFi) boom being fueled by sites like Compound, Aave, MakerDao amongst others. The DeFi business model aims to change the entire perception and concept of the traditional financial system by removing every bottleneck in accessing credits caused by centralized third parties.
The move to launch the cryptocurrency lending service will go a long way in bringing the much revered DeFi product to thousands of BitMax customers.
Currently, the digital currencies supported by the lending service include Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), and Bitcoin Cash (BCH).
LINE and BitMax Previously Unveiled Blockchain Wallet
Apparently, Line and BitMax have been more forthcoming in their blockchain offerings in the past months as both launched a blockchain development platform as well as a BitMax wallet.
The company said:
“LINE Blockchain Developers is a development platform that provides an easy and efficient way for developers to build blockchain services based on LINE Blockchain…With this platform, companies and developers can focus their attention on improving UX and other facets of their service instead of the technical aspects of blockchain and security.”
As reported by Coinspeaker.com, LINE ranks as one of the foremost social media platforms whose strides into blockchain development have gained good traction in recent times. The TON Blockchain project and the Libra Project from the duo of Telegram and Facebook Inc (NASDAQ: FB) have met with staunch brick walls from regulators as both projects have not yet seen the light of day, maybe never.
In addition to the crypto lending service, LINE also announced its blockchain-powered third-party services including a mobile RPG game dubbed Knight Story, linksign (Digital Contract Service) among others.
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