Dcxlend is a crypto-lending program who has added five cryptocurrencies such as Bitcoin [BTC], USD Tether [USDT], Ethereum [ETH], XRP and Binance Coin [BNB].
CoinDCX is a crypto exchange who has launched the program. It is stated that the exchange was having more than 120 lenders. The lenders led the 170 BTC circulation every day over the testing period. During the beta testing period, BTC and USDT were supported.
The monthly interest rates of BTC is 2 percent, USDT is 1 percent, ETH is 0.75 percent, XRP is 0.75 percent and BNB is 1 percent. At current, the website of the exchange shows these interest rates. The interest rates are subject to change and can jump up to 2%, according to market dynamics of “demand and supply”. This 2% is the maximum point of interest rates.
If customers lend cryptocurrencies through the crypto-lending program, then they will be leveraged on Dcxmargin and this is a service of the exchange.
The Co-founder and CEO at CoinDCX Sumit Gupta said that BTC has the highest interest rate “because our traders mostly do margin trading in BTC markets (hence high demand for BTC lenders).”
He also said that CoinDCX has an internal settlement and liquidation mechanism. The mechanism is used for a margin trading. But the margin trading does not contain a funding wallet. He elaborated, “Funds are then lent to the users only when the margin trade is open, with no withdrawal access and hard liquidation with 7.5% maintenance margin,” bitcoin.com reported.
There are three lending term lengths associated with the crypto-lending program. The lending term lengths are 7 days, 15 days, and 30 days respectively. According to the official website of CoinDCX, CoinDCX is an Indian crypto exchange built with the cutting edge technology. It provides more than 100 crypto-pairs for trading. It has a 0.10% trading fee.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]