The world of cryptocurrency has developed rapidly in recent years, and in a new development, cryptocurrency company BitGo has announced the launch of its own crypto credit service. Lately, the crypto lending industry has grown at a decent pace, but there is still room for a lot of growth.
BitGo’s announcement is an important one and could herald a new era in this niche area in the cryptosphere. The company claims to handle 20% of all transactions made through Bitcoin and the service launches today.
The company has been beta testing for several months and it seems like it is doing fine now. BitGo aims to create a crypto credit service that is similar to the services available in traditional markets, according to BitGo’s head of financial services Nick Carmi. The loan service will offer loans that are fully secured and there will also be detailed reporting for each customer.
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Carmi also stated that the business created by the company will not be an ordinary business interested in small margins and high volumes. He added, “We build close relationships with our customers to add value to them and build long-term, sustainable business.”
The most important thing about this product, however, is that it is only available to institutional dealers and the company has no plans to make it available to non-institutional dealers. Carmi is a Wall Street veteran and stated that such a service would also be a first for BitGo.
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