Blockchain.com has introduced it's own retail lending desk.
Blockchain.com had already rolled out it's institutional lending in August of last year, but worked hard to roll out their retail lending because in the words of the Executive Vice President of Blockchain.com, “Given the state of the global markets, people are looking outside of the traditional finance system for new ways to borrow money”.
According to The Block, the new retail lending desk allows users to borrow USD-pegged stablecoin, USD Digital, against bitcoin held in their Blockchain.com wallets.
USD Digital is Blockchain.com's in-wallet stablecoin, a spokesperson of the firm told The Block, adding that it is powered by Paxos and functions "just like" Paxos Standard (PAX) stablecoin.
The new retail lending desk currently only supports bitcoin, but it has plans to support more coins "soon," said the spokesperson.
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