April 11, 2023

Bitstamp Launches Crypto Lending Service in UAE

Bitstamp Launches Crypto Lending Service in UAE Featured Image

Luxemburg-based cryptocurrency exchange Bitstamp announced the launching of its crypto lending services to crypto holders in the markets of the UAE, Hong Kong, and the European Union, Cointelegraph reported.

The new service will allow Bitstamp to facilitate the lending and borrowing process of cryptocurrencies with an interest rate in the UAE, EU, and Hong Kong. Bitstamp noted that the new service would not currently be available in the US or the UK.

Through Bitstamp’s new service, crypto holders will be able to lend their cryptocurrency with no minimum time and earn returns of up to 4.4%, in addition, lenders will be able to receive their return in the form of any cryptocurrency of their choice.

The service will also offer daily incentives, making it an attractive option for those looking to make quick returns on their crypto assets.

The services are available for coins with large market caps like ether (ETH), bitcoin (BTC), Tether’s USDT, Circle’s USDC, and altcoins, including XRP, LTC, APE, LINK, and BCH. Bitstamp collaborated with a Finnish white-label lending company, Tesseract, in this project.

Bitstamp exchange is officially licensed and registered in 50 countries around the world, including Luxembourg, after obtaining an official license from the Luxembourg Financial Industry Supervision Committee (CSSF), which is recognized by all 28 European Union countries.

It is worth mentioning that Bitcoin has set a new record today, touching the $30,000 mark for the first time since mid-2022. Over the last 30 days, Bitcoin recorded gains of about 46%, rising to its highest level in ten months on April 11.

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