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ByBit Launches In-House Cryptocurrency Lending Service for Users

Dubai-based cryptocurrency exchange ByBit has launched an in-house cryptocurrency lending service for users that delivers interest payouts to those depositing cryptocurrency through the platform. The service offers hourly interest payments from lending pools, while lenders can deposit and redeem loaned cryptocurrency tokens without lock-up periods.

Borrowers can take out loans to access funds for trading options on the platform, but must post an equal or greater amount of collateral assets in relation to the loaned amount to safeguard lenders' investments. ByBit is the latest major cryptocurrency exchange to offer a cryptocurrency lending service, following Binance and KuCoin. Coinbase abandoned plans to launch its own Lend service in September 2021, following a warning from the United States Securities and Exchange Commission.

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