ByBit, the top cryptocurrency exchange, has unveiled its newest service, ByBit Lending, which enables users to earn high-interest payouts on their idle crypto assets.
The launch demonstrates the platform’s commitment to providing clients with additional ways to generate passive income and capitalize on their investments.
A lucrative opportunity for passive income
ByBit Lending offers a high APR, allowing users to earn passive income on their crypto holdings. Interest is paid hourly, and clients have the flexibility to deposit and redeem funds at any time, making it easy to take advantage of market fluctuations.
The exchange’s advanced risk management systems ensure that users’ assets remain secure throughout the lending process.
The lending service is designed to be user-friendly and accessible to both novice and experienced clients. Through a simple four-step process, users can begin lending their idle crypto assets via the company’s website or the ByBit App version 4.16.
The service enables borrowers to use loans for various earning strategies, including trading ByBit’s perpetual contracts or capitalizing on spreads with ByBit Earn. To guarantee the safety of lenders’ capital, all borrowers must post collateral equal to or greater than the loan amount.
ByBit Lending serves as an intermediary between borrowers and lenders in the crypto ecosystem, with enhanced KYC, AML, and proof of reserves processes ensuring a seamless and transparent experience.
Expanding the ByBit ecosystem
Ben Zhou, co-founder and CEO of ByBit, emphasizes the importance of offering users multiple ways to generate passive income.
ByBit Lending allows clients to leverage strategies such as borrowing from liquidity providers, carry trading, and benefiting from high APR, providing a variety of new opportunities for wealth growth.
By offering attractive returns on idle cryptocurrencies, the company continues to bring next-level opportunities to its users, further expanding its mission to make the world of Web3 more accessible and uncomplicated.
ByBit is not the first major cryptocurrency exchange to offer a lending service. Binance, KuCoin, and OKX also provide various lending options for users to earn interest on their deposited assets.
However, US-based exchange Coinbase abandoned plans to launch its own lending service in September 2021 after the SEC deemed the offering a security.
Source: https://www.cryptopolitan.com/bybit-expands-its-crypto-services-to-include-lending/