Kraken has launched its crypto-collateralised lending service Flexline, Cointelegraph reported on Tuesday.
Kraken Pro users can post digital assets as collateral and borrow for up to 2 years at fixed interest rates of 10 to 25 percent. Loans are provided in cryptocurrencies or stablecoins and can be traded on the platform or withdrawn. The service is not available in Australia, Brazil, Canada, India, New Zealand, Switzerland, the United Arab Emirates, Britain and the United States.
Kraken's announcement comes as the crypto-collateralised lending market expands across exchanges, decentralised finance and traditional finance. Coinbase recently added XRP, Dogecoin, Cardano and Litecoin to its collateralised lending service, and U.S. mortgage lender Rate introduced its RateFi programme, which recognises crypto holdings as collateral.
Chi-gyu Hwang
delight@d-today.co.kr