IOTA added as collateral on Bitfinex Borrow

Submitted 08/03/2021 - 7:47am

Bitfinex, a digital token trading platform, has added IOTA as collateral on Bitfinex Borrow after it was successful in a recent social media poll.

An overwhelming majority of Bitfinex’s growing community opted for IOTA, with the token gathering 87.6 per cent of the votes in a social media poll.
“Our customers have spoken,” says Paolo Ardoino, CTO at Bitfinex. “IOTA’s success in our recent social poll is a testament to its enduring popularity and track record for innovation in the field of distributed ledger technologies.”

Bitfinex customers can now obtain loans of up to 70 per cent of the value of their IOTA holdings in US Dollars (USD). Borrowers will have to manage their own risk of fluctuations in the IOTA price.

Bitfinex Borrow is a peer-to-peer (P2P) digital token loan portal that allows users to borrow funds from other users by using their cryptocurrency or fiat assets as collateral. IOTA is among 13 digital tokens available as collateral on Bitfinex Borrow, along with USD, euro and yen.

Bitfinex’s community-first approach extends to its ongoing commitment to democratising access to financial markets, by providing advanced tools such as the Honey Framework and Bitfinex Terminal for the wider digital token ecosystem.

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