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Home Investment Management

Blockchain.com’s new in-wallet service enables users to borrow stablecoins against bitcoin

Published by CryptoNinjas.net
03/10/2020
Blockchain.com's new wallet service enables users to borrow stablecoins against bitcoin

Blockchain.com, a provider of cryptocurrency products and popular crypto wallet, today announced the launch of Borrow, a new offering for users to obtain USD-denominated stablecoin loans against the crypto held in their Blockchain.com Wallet.

The launch follows Blockchain.com’s successful launch of an institutional lending desk last August, which has rapidly increased originations from $10M in the first month to $120M in November. By offering the retail market access to the same liquidity pool as institutional investors, the firm is addressing the shortage of USD on both sides of the crypto market.

“Institutional and retail investors have the same financial goals – grow wealth and manage risks – but the tools at their disposal are vastly different. Now, with our suite of trading products and Borrow, retail users can trade like the big guys without selling the crypto they’ve stockpiled or leaving their Wallet.”
– Peter Smith, Co-founder and CEO of Blockchain.com

Now Live

Starting today, Blockchain.com users can borrow USD stablecoins against the bitcoin (BTC) and cryptocurrency held in their Blockchain.com Wallet. As soon as collateral is posted, users receive the loan and are free to use the coins however they’d like. To close a loan, users simply pay back the amount owed when it is convenient or aligns with their investment strategy.

Borrow by Blockchain.com is currently available to all users across 180+ countries

Adding the Borrow service within the Blockchain.com Wallet aims to further expand the control that users have over their crypto and what they can do with it. In the past months, Blockchain.com has launched payment gateways for the British pound and Turkish lira, completed an airdrop with Blockstack, launched an API for algorithmic traders, and expanded the asset offerings on the Blockchain.com Exchange to include popular crypto projects Algorand and DGLD.

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