On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
PRESS RELEASE. Crypto-backed lending service CEX.IO LOAN that launched in October 2020 in select global jurisdictions, has been experiencing major demand, receiving over $100 million worth of loan requests to date. While the service has been widely popular among retail investors, most of the platform’s loan requests came from institutional investors.
According to CEX.IO LOAN, such an increase in demand can be attributed to the institutionalization of the cryptocurrency industry. Institutional investors, who have cryptocurrencies in their possession, regard it as a potential collateral for borrowing funds and actively utilise it as such. The borrowed funds are then used for further investment purposes.
In addition to featuring cutting-edge security and advanced anti-fraud measures, CEX.IO Group operates a regulated service, which has been licensed as a Distributed Ledger Technology (DLT) provider by the Gibraltar Financial Service Commission (GFSC) since last year. In addition to this, the Government of Gibraltar recently granted CEX.IO Limited a Money Lender License, allowing the firm to extend its ecosystem of regulated services with CEX.IO LOAN.
Institutional clients also prefer the company’s digital asset-backed lending service due to the convenience offered to users. On the CEX.IO LOAN platform, customers can borrow cash against their cryptocurrency assets in a quick and simple manner, without having to deal with credit checks or any unnecessary paperwork. To access the company’s instant crypto-backed lending service, new users have to open an account at the digital asset exchange and pass the mandatory Know Your Customer (KYC) and AML checks.
CEX.IO LOAN serves various cryptocurrency market participants, from retail investors, traders, and HODLers to startups, entrepreneurs, and large enterprises. As part of a flexible crypto-backed lending service, users can borrow any amount between $500 and $100,000 at competitive interest rates starting at 8.75% per year. Loan duration ranging from seven days to one year.
Currently, retail users can borrow funds against their Bitcoin (BTC) or Ethereum (ETH) assets. Based on the company’s data, the feature has already experienced high demand from VIP clients, with 41% of all CEX.IO LOAN customers borrowing cash against Bitcoin (BTC), 53% against Ethereum (ETH), and 6% against DeFi tokens.
The company has recently introduced a VIP-exclusive feature to offer flexible lending conditions and the ability to use decentralized finance (DeFi) tokens as collateral for institutional clients on the crypto-backed lending platform.
Furthermore, to best serve institutional customers, the requests and queries of VIP clients are handled individually by dedicated personal managers on the CEX.IO LOAN platform. Interestingly, 14% of CEX.IO VIP customers have already asked their personal managers about borrowing funds via the crypto-backed lending service.
“As institutional investors find the digital asset industry increasingly attractive, it’s a pleasure to serve them with our enterprise-grade instant crypto-backed loan platform. Security, convenience, and compliance are key priorities for corporate clients, which are features that we have been providing to all our clients in the rapidly growing CEX.IO ecosystem. Most importantly, we want to provide institutional clients with the best service. For that reason, VIP clients enjoy exclusive benefits, such as dedicated personal managers and flexible lending options, on the CEX.IO LOAN platform,” Anton Chashchin, Commercial Director for the CEX.IO LOAN service, stated.
In the announcement, the firm revealed further details about the size of the funds clients borrow on the CEX.IO LOAN platform. Based on the company’s data, while retail investors borrow $1,400 on average, VIP clients request larger-sized loans that vary in size, with the typical amount being $1 million or higher.
Institutional clients do not just borrow more but also need the funds for more extended periods which usually range between 6 and 12 months. According to the company, this phenomenon indicates a long-term strategy for VIP clients to manage their assets.
About CEX.IO LOAN
CEX.IO LOAN is a part of the CEX.IO Group, with this service provided by CEX.IO Limited, Gibraltar. Founded in 2013, CEX.IO operates one of the largest international exchanges of the cryptocurrency market, which has been featured among Crypto Compare’s ten best exchange services and Coin Metrics’ trusted service providers. With a multi-functional digital asset exchange, CEX.IO serves over 3 million customers worldwide with a team of over 250 professionals and offices in the UK, USA, Ukraine, Cyprus, and Gibraltar. From entry-level cryptocurrency users to professional traders as well as institutions and businesses, CEX.IO suits the needs of various crypto market participants with a reliable, high-security digital asset service.
For many years, CEX.IO Group has been working to expand its ecosystem with new solutions, including the B2B fiat-to-crypto exchange solution CEX.IO Direct, the technical solution for liquidity aggregation CEX.IO Aggregator, a verification and compliance platform Identance, and a staking service CEX.IO Staking.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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