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Decentralized Platform Launches New Features as Demand for Crypto Lending Increases


Decentralized Platform Launches New Features as Demand for Crypto Lending Increases

A decentralized crypto lending platform has expanded the range of stablecoins that can be used for collateral as demand for loans rises #SPONSORED

A decentralized peer-to-peer network says it is well placed to cater to the growing demand for crypto lending, and has unveiled new tool that allows users to borrow USD-backed stablecoins against cryptocurrency collateral.

Nitrogen cites research from Bloomberg that shows how demand for loans backed by crypto collateral soared in 2018, as the price of Bitcoin and other coins began to decrease. It says its service enables users to “borrow and lend in a safe and transparent way” — with a range of intuitive features targeted at them on both sides of the transaction.

The network enables borrowers to use ETH and ERC-20 tokens — such as BNB, REP, BAT, OMG and ZRX — as collateral in order to unlock funds on demand and receive a loan in fiat-backed stablecoins, such as PAX, TUSD and USDC.

According to Nitrogen, the fact that these assets are pegged to international currencies mean that they can provide a “safe haven in periods of market turmoil” — reducing volatility and increasing purchasing power in the process. The company acknowledges that some borrowers would prefer to withdraw cash instead, and as a result, stablecoin loans can be redeemed whenever necessary.

A different approach

Nitrogen Network is built on a noncustodial lending protocol, and the company says that decentralization delivers tangible benefits to its community. It offers integration with Ledger and MetaMask wallets. As well as helping to minimize fees and the risks associated with borrowing or lending, it also means that consumers benefit from “global 24/7 access to loans.”

As previously reported by Cointelegraph, Nitrogen’s peer-to-peer marketplace enables lenders or borrowers to specify the terms on which they would be willing to engage in a transaction, incorporating a range of factors. Through Nitrogen Launchpad’s simplified interface, offering quick and clear steps, loans can be found instantly, meaning borrowers no longer have to wait for lenders.

Nitrogen is available here

The company says that this intuitive system delivers an “instant matching process,” and all of the terms associated with a loan are subsequently held in Nitrogen’s smart contracts. Once a loan has been fully repaid by the borrower, they then receive the same collateral back — regardless of whether prices have risen or fallen.

New partnerships

Nitrogen recently announced that it had forged a brand-new partnership with Changelly, a noncustodial instant cryptocurrency exchange. In a blog post, Changelly said it was optimistic that the collaboration could unlock opportunities for users of both platforms: Nitrogen users could benefit from immediate access to the assets they need and Changelly’s community would be given the chance to enter borrowing agreements while continuing to hold on to their assets. The platform is aiming to ensure that credit is available on demand instantly to those who need it, keeping their crypto assets secure and intact.

Learn more about Nitrogen

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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