LONDON, the United KingdomCEX.IO, one of the largest international exchanges in the cryptocurrency market, is set to launch a digital asset-backed lending service in September. Available in 217 countries and territories – including Australia, the United Kingdom, the European Union, and most nations in Asia – CEX.IO LOAN will allow various cryptocurrency market participants to borrow funds against their digital asset holdings within a few minutes and without credit checks.

As part of a flexible lending service, CEX.IO customers can decide on the duration and size of a loan they take out. Loan durations range from a week to one year, while CEX.IO customers can borrow any amount between $500 and $500,000. Larger and longer duration loans will enjoy smaller interest rates.

The service will be facilitated by a multimillion dollar liquidity pool, a significant portion of which has already been committed by CEX.IO and its partners.

To borrow funds, users first have to deposit cryptocurrency, which serves as collateral for a loan,…

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Source: https://news.bitcoin.com/cex-io-to-offer-instant-cryptocurrency-backed-lending-service-in-217-countries-and-territories/