OKX, a leading global fintech company and crypto trading platform, expanded its European product offering to include borrowing with the launch of Flexible Loans.
Launching with USDC, Flexible Loans let customers borrow against crypto they hold on OKX, without selling it. There’s no fixed term. Customers can repay part or all of a loan whenever they choose.
Interest is charged by the hour at a variable rate, currently 0.000229% per hour, or about 2% a year. Customers can see the live rate in the app before borrowing and throughout the loan. The current rate for USDC can be found here https://my.okx.com/en-eu/fees/
Customers can borrow up to 250,000 USDC, and VIP clients up to 3.25 million USDC. Borrowers can use the loan to trade, participate in X Drop Club, grow it with Earn or withdraw it to use for everyday needs.
Every loan is over-collateralized and secured against crypto the customer holds on OKX, with more than 40 supported assets including BTC, ETH and SOL. Customers can borrow up to 80% of their collateral’s value.
“A lot of people in Europe hold crypto for the long term and don’t want to have to sell it to free up cash temporarily,” said Erald Ghoos, CEO of OKX Europe. “So we’ve kept this simple. Borrow USDC when you need it, pay for the hours you use it and repay when you’re done.”
“Most people have three financial needs in their lives, and we’re providing those on one financial platform,” Ghoos added. “To pay, or get paid, using OKX Card and Pay. To grow their wealth, using trading products across crypto, traditional assets and commodities. And, now, to borrow, when they have a need for it.”
USDC Flexible Loans are available from today on the OKX app or on okx.com.