Bitfinex, the popular cryptocurrency exchange platform, today announced it has added IOTA as collateral on Bitfinex Borrow; after it was successful in a recent social media poll.
An overwhelming majority of Bitfinex’s growing community opted for IOTA; with the token gathering 87.6% of the votes in a social media poll.
“Our customers have spoken. IOTA’s success in our recent social poll is a testament to its enduring popularity and track record for innovation in the field of distributed ledger technologies.”
– Paolo Ardoino, CTO at Bitfinex
Customers of Bitfinex can now obtain loans of up to 70% of the value of their IOTA holdings in US Dollars (USD). Borrowers will have to manage their own risk of fluctuations in the IOTA price.
A peer-to-peer (P2P) digital token loan portal, Bitfinex Borrow permits users to borrow funds from other users by using their cryptocurrency or fiat assets as collateral.