This Japanese Exchange Will Borrow Your Bitcoin for a Yearly Fee

In an apparent step to increase liquidity and attract users, Japanese cryptocurrency exchange Bitbank has announced a bitcoin burrowing program.

Have 1 BTC? Loan it out

As per a report, the exchange shall allow account holders to lend a minimum of 1 bitcoin (BTC) to its Virtual Currency Lending service – in return for a fixed, predetermined rate of interest.

Initially, the service shall be available only for BTC holders and is scheduled to include popular cryptocurrencies like ripple, ether, litecoin, and bitcoin cash in the coming months.

One of Japan’s 16 full-licensed cryptocurrency exchanges, Bitbank offers eight cryptocurrency trading pairs and is ranked 31st in the world in terms of total daily traded volume.

The move comes on the bank of GMO’s cryptocurrency burrowing program, which the Japanese digital asset exchange launched in April 2018, making Bitbank the second exchange in the bitcoin-crazed country to do so.

The Technicals

As stated, the program shall burrow a user’s bitcoin for a minimum of 12 months, and payout interest dividends in proportion to lent capital.

Not anyone can rent out their bitcoin thou, as the exchange will oversee a month of  “recruitment” for the program, conducting extensive personal and account checks upon interested users…

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