CEX.IO to Launch Crypto-Backed Lending Services Globally
The platform will allow borrowings anywhere between $500 and $500,000.
CEX.IO, a cryptocurrency exchange based in the United Kingdom, is launching digital asset-backed lending services across ‘217 countries and territories’ later this month, Finance Magnates has learned.
The company will allow users to borrow between $500 and $500,000 with cryptocurrencies as collateral, and the loan credit will be made in either the US dollar or euro. Notably, a majority of such lending platforms offer loans in stablecoins, which puts CEX.IO among very few market participants to offer services in fiat.
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The exchange highlights that its services will be available to its users across ‘Australia, the United Kingdom, the European Union, and most nations in Asia’.
“Our clients are a vibrant and diverse group of market participants, whose needs evolve with the industry,” Anton Chashchin, commercial director for the CEX.IO LOAN service, said. “We aspire to provide our clients with capital that helps them capture opportunities coming their way.”
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The exchange detailed that initially, it will only take Bitcoin and Ethereum as collaterals, and will offer a loan-to-value (LTV) ratio of up to 50 percent, meaning borrowers can get a loan of up to 50 percent of the market value of the collateralized assets.
This LTV ratio is on par with many other existing crypto lending leaders.
Anonymity Not Allowed
It is to be noted that customers approaching to borrow against digital assets on CEX.IO need to complete the exchange’s know-your-customer (KYC) procedure.
“Our loans offer that extra boost, which traders, investors, startups, and entrepreneurs in general, need, while they can still benefit from the potential appreciation of assets they own,” Chashchin added.
Though headquartered in the UK, CEX.IO is also offering services in most of the states in the United States under the state Money Transmitter Licenses. Last month, Finance Magnates reported on the exchange’s plans to further expand operations into Asia by gaining a Singapore license.
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