• Bybit, a Dubai-based cryptocurrency exchange, has launched its own in-house lending service called Bybit Lending.
• The service allows users to deposit crypto and earn interest payouts hourly from lending pools.
• Borrowers can also take out loans to use on the platform’s many trading options with collateral greater than or equal amounts of the loan amount.
Bybit Launches Cryptocurrency Lending Service
Dubai-based cryptocurrency exchange Bybit has announced the launch of their new in-house cryptocurrency lending service: Bybit Lending. The platform offers users an opportunity to deposit crypto and earn interest payouts hourly from lending pools.
Hourly Interest Payouts
Bybit claims that their lending service delivers interest payouts to users that deposit crypto via the platform’s new service on an hourly basis. Depositors and redeemers of loaned tokens are not subjected to any lock-up period either.
In addition, borrowers are able to take out loans for multiple earning strategies, such as trading Bybit’s perpetual contracts or capturing a spread using Bybit Earn. All borrowers will post collateral greater than/equal to the loan amount for safety purposes for lenders’ capital protection.
The exchange states that its new product bridge the gap between borrowers and lenders in the crypto space by offering high APR, making it a convenient and lucrative way for users to gain passive income through market fluctuations with no lock up periods.
By offering attractive returns on idle cryptocurrencies, Bybit is bringing next-level opportunities for capital efficiency for its users with state-of-the art risk management systems ensuring asset security throughout the process.