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OKEx Launches C2C Loan to Expand DeFi Applications
OKEx (www.okex.com), the world largest cryptocurrency spot and derivatives exchange, recently launched the new C2C loan feature on OKEx app on 19 Mar 2020, with the website version to be available at a later stage. This innovative DeFi function offers a loaning service between users, so as to meet their various loaning and investment demands. The loan system currently adopts BTC as the collateral asset and USDT as the loan asset, with more crypto assets available in the future.
“C2C loan service, in general, creates an open marketplace for matching the demand and supply on idle capital. OKEx wants to keep it as transparent as possible, unlike other players in the market, the interest rate on OKEx C2C loan service is purely governed by market competition,” said Jay Hao, CEO of OKEx. “The crypto-lending trend is opening up new opportunities for the community regardless of the size of their investment. In this fast-growing DeFi space, we are happy to be among the first to offer lending services in a permissionless, open and composable way.”
A Peer-to-peer Lending System without Intermediaries
OKEx C2C loan provides flexibility in coping with different demands, such as pledging assets such as BTC to borrow idle assets like USDT for further investment, or hold USDT and pursue stable interest via lending.
Users can start by transferring assets to their loan accounts (ranging from 200 – 1,000,000 USDT), and set the loan duration to 7, 15, 30 or 60 days. After publishing the loan advertisements, they can customize the loan rate based on the market situation (from 0.01% -0.1%), during which OKEx will not interfere to ensure the profound transparency and decentralization of the system.
100% Control over One’s Loan or Investment
From pledge rate, daily interests, and loan duration, users can fully control whether to borrow or invest. When the loan almost expires or when the collateral price plunges dramatically below the preset warning line, borrowers will receive a reminder to repay the principle and pay interest to investors within three days, otherwise the system will close the position. To minimize investment risks, investors will still be able to collect the principle, including the penalty interest as OKEx guaranteed. OKEx has implemented a liquidation system to C2C Loan, where forced-liquidation will be triggered for the borrower’s position when the value lingers around the closing line.
Fee-free during the Promotion Period
During the promotion period, the service fee is waived for C2C Loan. A small amount of service fee will be charged from both borrowers and lenders after the promotion period, which will be injected into our risk reserve system to protect users’ interests.
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
The world’s largest and most diverse cryptocurrency marketplace, OKEx is where global crypto traders, miners, and institutional investors come to manage crypto assets, enhance investment opportunities, and hedge risks. We provide spot and derivatives trading, including futures, perpetual swap, and options, of major cryptocurrencies, offering investors great flexibility in formulating their strategies to maximize gains and mitigate risks.
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