ZebPay launches first crypto-based lending platform in India
ZebPayLending Platform will allow users to earn interest on their crypto holdings.
- ZebPay will offer both open and fixed-term lending using the platform.
Bitcoin, Ethereum, Tether and Dai tokens will be accepted at first.
AdvertisementOne of the oldest crypto companies in India, ZebPay, today launched a new lending platform for crypto asset exchange. The company says that the platform is a “first of its kind” crypto lending model in India and will allow users to lend their
“The ZebPay Lending Platform generates returns on users’ crypto investments if they lend select cryptos thus, providing an opportunity to earn a passive income by adding on to the returns gained from rise in crypto prices,” the company said.
At launch, the lending feature will only support Bitcoin, Ethereum, Tether, and Dai tokens. “Depending on the term of deposit, users will be able to generate returns of upto 3% on their Bitcoin (BTC), upto 7% on Ethereum (ETH) and Dai (DaI) and upto 12% on Tether (USDT),” the company said in its announcement.
Further, ZebPay will offer both open and fixed-term lending using the platform. Fixed-term lending includes 7-day, 30-day, 60-day and 90-day periods, and rate of return will vary based on the period. Tokens cannot be withdrawn till the term ends, and a penalty will be applied for withdrawing tokens in advance. The company will deposit returns to the investor’s trading wallet though, meaning there’s still a challenge in converting them to fiat currency.
“We have always believed that crypto will enable a multi-fold increase to investors’ wealth. With the launch of the ZebPay Lending Platform, we want to give users the opportunity to grow their investments further, by making their existing crypto holdings do all the work,” said Avinash Shekhar, Co-CEO, ZebPay.
The platform, which is called the Zebpay Lending Platform, is already live on ZebPay’s app. The company said users may have to update the app in order to get access to it.
Crypto companies in India have faced troubles running exchanges for the past few weeks. The issues started after an informal guidance from the Reserve Bank of India (RBI), earlier this month, which led banks to withdraw services from crypto exchanges. Lending platforms like Zebpay’s could allow companies to keep users interested in crypto, and long-term investors will continue using their services.
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