Users can get personal loans on Blockchain.com, one of the most famous crypto money wallets in the world. People using Blockchain.com will be allowed to borrow crypto as collateral by the platform.
Popular crypto services company Blockchain.com has announced a new product that allows users to borrow stable coins. The product is called Borrow and only allows users to borrow fixed money fixed to the US Dollar.
Borrow allows users to borrow Paxos Standard token (PAX) using Bitcoin (BTC) as collateral. However, the platform says it will allow users to borrow a wider range of assets in the near future. Blockchain.com also says that Bitcoin is currently the only collateral accepted. Also, credits are not currently available to users in the UK, Canada, and the United States.
Free to Borrow
Blockchain.com explains that users are free to borrow money immediately. The platform will not control how funds are spent. Speaking about the new development, Blockchain.com CEO Peter Smith said Borrow has developed the trading playground and allows smaller owners to trade larger amounts without losing their crypto.
“Corporate and retail investors have the same financial goals – increasing wealth and managing risks – but the tools they have are largely different. Now, with our trading products package and Borrow, anyone can trade without selling the crypto they stock. “
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