Blockchain.com, cryptocurrency products provider, just launched its new product offering – Borrow which allows users to borrow USD-denominated stablecoins against crypto assets. It is the first major crypto platform to offer lending directly to everyday consumers.
Last August Blockchain.com launched institutional lending desk which quickly expanded originations from $10M in the first month to $120M in November.
Peter Smith, Co-founder and CEO of Blockchain.com noted:
Institutional and retail investors have the same financial goals – grow wealth and manage risks – but the tools at their disposal are vastly different.
Now, with our suite of trading products and Borrow, retail users can trade like the big guys without selling the crypto they’ve stockpiled or leaving their Wallet.
Blockchain.com users can now borrow USD Digital stablecoins against bitcoin held in their Wallet across more than 180 countries. When the collateral is posted, users receive their loan to use freely. Closing a lone requires only paying back the amount owed which can happen when it’s convenient or aligns with their investment strategy.
The addition of Borrow to the Blockchain.com Wallet broadens the control users have over their crypto, and ways they can use it. The company has recently introduced payments gateways for the British Pound and Turkish Lira, completed an airdrop with Blockstack, introduced an API for algorithmic traders, and expanded the asset offerings on the Blockchain.com Exchange to include popular crypto projects Algorand and DGLD.