Singapore-based digital asset platform Bitrue will be the first hybrid crypto exchange, following the announcement of its upgraded Bitrue Financial Services that combine the benefits of decentralized finance (DeFi) and centralized finance (CeFi) together.
The first DeFi service will be a peer-to-peer matching engine connecting borrowers and lenders, with borrowers receiving interest on the coins they add to the liquidity pool. The service is expected to launch in Q1 2021. Bitrue Financial Services will be supported through a new cryptocurrency token, Bitrue Finance Token (BFT), which will be distributed to Bitrue users starting this week and listed in mid-September.
In keeping with the spirit of DeFi, Bitrue will also be implementing upgrades to their existing loan service, starting with a move to make publicly viewable the wallets that contain collateralized funds. The increased transparency will be a step towards giving users as much power over their finances as possible.
DeFi products have seen stratospheric growth in 2020 and represent a clear future for the digital asset industry. In this nascent stage, activity has focused almost exclusively on Ethereum-based ERC20 tokens, which excludes 70% of digital assets, including major coins such as XRP. Bitrue’s new hybrid model will progressively facilitate cross-chain interaction of all major blockchains, thereby providing users with a one-stop shop for all of their coins.
“The inherent trustless nature of DeFi means that our users can always be 100% satisfied that they are getting fair deals. It fits perfectly with the very reason that we started Bitrue – to provide financial services that bring equitable opportunities to all people, instead of enriching the elite few at the top. At Bitrue we have users with a wide range of backgrounds and requirements – from ordinary users who are building up nest eggs to large institutions looking to control their risk. These people all have different requirements and expectations towards cryptocurrencies, and the new capabilities we can offer as a result of this hybrid model will be able to satisfy these wide-ranging needs.” – said Curis Wang, CEO of Bitrue.
Launched in July 2018, Bitrue is a diversified financial services platform with support for trading, loans, and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. They have offices worldwide and continue to develop new features at a rapid speed to fully service the new wave of the digital economy.
More information is available at www.bitrue.com.
***This press release was originally posted here.
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