May 3, 2023

Bybit Enables Crypto Users To Make Passive Income

ByBit

ByBit

Dubai-based crypto exchange Bybit launched a new in-house cryptocurrency lending service for its users, called Bybit Lending. 

In a press release, Bybit said the new lending service allows users to earn high-interest payouts on their idle crypto assets, explaining that the interest is paid hourly and users can deposit and redeem their funds at any time, a matter which helps them to generate passive income. 

The crypto exchange asserted that the users’ assets will be secured throughout the lending process under its risk management systems. 

Borrowers should post collateral assets which should be equivalent or larger than the amount of the loan to safeguard lenders’ investments. 

In this regard, CEO and Co-founder of Bybit Ben Zhou said: “Bybit Lending allows users to utilize strategies such as borrowing from liquidity providers, carry trading, and taking advantage of high APR, giving our users various new options to grow their wealth.” 

“At Bybit, we believe in offering our users multiple avenues to generate passive income,” he added. 

Also recently, 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 is 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.

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