Crypto wallet provider Blockchain.com, which claims of having over 46 million users, has launched Borrow, a product offering retail users to borrow USD-pegged stablecoins against crypto assets held in their wallets.
“Institutional and retail investors have the same financial goals – grow wealth and manage risks – but the tools at their disposal are vastly different,” said Peter Smith, co-founder and CEO of Blockchain.com. “Now, with our suite of trading products and Borrow, retail users can trade like the big guys without selling the crypto they’ve stockpiled or leaving their Wallet.”
“Given the state of the global markets, people are looking outside of the traditional finance system for new ways to borrow money against what they’ve previously saved,” said Xen Baynham-Herd, executive vice president at Blockchain.com.
The new Borrow product comes after Blockchain.com opened an institutional lending desk in August 2019 – a service that climbed from $10 million in originations in its first month to $120 million by November.