Crypto Exchange, BitTrade has announced it has added two new cryptocurrencies, XRP and Shiba Inu (SHIB), to its crypto lending platform.
BitTrade Adds XRP And Shiba Inu For Lending
Centralized Japanese cryptocurrency exchange, BitTrade has expanded its crypto lending portfolio to include XRP, the native token of the XRP Ledger, and SHIB, the primary token of the Shiba Inu ecosystem.
This decision caters to the growing demand of borrowers, as it provides users with a broader range of lending assets. Users on the platform can now leverage their XRP and SHIB holdings to make interests from BitTrade’s lending programs.
BitTrade has outlined the structure of its lending process for the newly listed XRP and Shiba Inu tokens. According to the crypto exchange, users are given a strict lending period of 90 days with an annual percentage yield of 2%.
For XRP lending details, BitTrade has declared a stringent application limit for its lending process. The exchange has stated that users can only apply a minimum quantity of 100 XRP and a maximum amount of 500,000 XRP on the platform before they start lending. There is also a total recruitment quantity of 500,000 XRP and a lending fee rate of approximately 0.49% for the lending period.
Similarly, a lending structure has been provided for Shiba Inu holders who want to lend out their tokens. BitTrade has stated a lending period of 90 days as well and an annual rate of 2%. The minimum application quantity to qualify for the lending program is 10,000,000 SHIB, while the maximum amount is 10,000,000,000 SHIB. There is a total recruitment quantity of 10,000,000,000 SHIB and a lending fee of 0.49% considered for the lending period.
BitTrade Crypto Lending Application Conditions
After providing in-depth details of its XRP and Shiba Inu lending processes and requirements, BitTrade also highlighted several application conditions and cautions.
The crypto exchange stated that the recruitment process for lenders on its platform would end once the total cap for lenders has been reached. The platform has prohibited individual contracts for the lending services of its cryptocurrencies including XRP and SHIB.
Some conditions also state that creditors do not have the privilege of receiving payment before others for the cryptocurrencies they lend. BitTrade has also stated that users should be mindful of the possibility of not recovering their lent assets in the event of bankruptcy.
