Crypto Exchange Bitget Launches Crypto Loans Product

Bitget is taking steps to enter the cryptocurrency loan market with their Crypto Loans product.

They reason that digital lending services are growing at a rate of 20.5% annually and exceed $8.5 billion, but cryptocurrency lending services took a big hit in 2022 when centralized services like Celsius, BlockFi, and Voyager Digital went into bankruptcy.

Bitget’s Crypto Loans will allow users to pledge one crypto asset as collateral and borrow in another, hoping to attract customers who are not satisfied with traditional finance institutions.

It remains to be seen how many people will trust crypto loan services now, especially after the losses incurred in 2022.