Huobi’s USD-based exchange, BitYes, has launched margin trading and p2p lending.
Leverage will be 3:1, at an interest rate as low as 0.01% per day. In the p2p lending feature, users will offer loans at their desired interest rates, which can be used by traders in the margin offering. The setup is similar to the margin/interest earning scheme of BitVC and its related Yubibao product.
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The additions come as the exchange continues efforts to woo USD traders. Nearly two months ago, it launched a maker-taker fee model and waived litecoin trading fees until June 30.
Litecoin trading in general has struggled, leading Huobi’s futures exchange BitVC to cancel its litecoin offering. Huobi said in a statement that there was insufficient demand and it was in the best interest of users and the industry to focus 100% on bitcoin.
Litecoin and the altcoin family have been getting less attention relative to one year ago. There is growing consensus of the need to rally behind a single coin, Bitcoin being the intuitive choice due to its continued dominance. In addition, Bitcoin 2.0 and related technologies have taken the spotlight in recent months, seemingly promising greater future value than the multitudes of Bitcoin clones.