Yesterday, the provider of wallets and cryptocurrency exchange, Blockchain.com, announced a new loan service. It is a major player in the Crypto ecosystem. Its flagship product is its block browser for Bitcoin, Ethereum and Bitcoin Cash.
Firstly, this new service will offer loans in stablecoins. It is backed by United States dollars against Bitcoin (BTC) holdings that are in the Blockchain portfolio. According to the firm, this makes it useful to the owners of wallets all around the world. Nonetheless, they did not specify which stable currencies would be used to pay the loans. Ultimately, as Peter Smith, co-founder and CEO of Blockchain said:
“Institutional and retail investors have the same financial goals. To increase wealth and manage risks, but the tools at their disposal are very different.” This provides inclusion for all investors. “Now, with our suite of Trading and Loan products, retail users can trade like the big boys without selling the crypto they stored or left in their wallet.”
Investors are also looking at the potential of the cryptocurrency lending space. An example of this is the firm BlockFi. It provides the wealth management products that crypto investors need, all with blockchain technology. It has raised more than $48 million in two investment rounds in 2019 and 2020.
Loans have become a fast growing sector in the cryptocurrency industry, and there are rival Blockchain companies in the market, such as Binance, that have already launched similar services.
About Blockchain.com
Blockchain.com is one of the fastest growing and most trusted cryptocurrency companies. It helps millions of people around the world to easily and safely access cryptocurrencies, according to their website. They have over 46 million wallets, and a presence in 140 countries at the time of writing. Consequently, making it a major player in the crypto ecosystem.
