The cryptocurrency exchange located in Dubai, Bybit, has launched an in-house crypto lending feature, promising hourly interest payouts of up to 16.46% from lending pools.Â
The feature is set to roll out on the 2nd of May and will pay out interest to consumers who deposit cryptocurrencies via the platform’s new service. The programme lenders may deposit and redeem lent cryptocurrency tokens with no lock-up periods.
Users who deposit cryptocurrency through the platform can access the service and redeem loaned cryptocurrency tokens without lock-up periods.
Borrowers on Bybit’s exchange can get loans to fund various trading alternatives. To protect lenders’ investments, they must post an equivalent or larger quantity of collateral assets in proportion to the loan amount.
Bybit CEO and co-founder Ben Zhou explained that the goal is to offer users a way to generate returns while giving advanced traders access to capital from lenders for more sophisticated trading options.
Bybit is the most recent major cryptocurrency exchange to provide a cryptocurrency loan business, following Binance, OKX, and KuCoin.
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