Bitfinex Borrow added Tezos (XTZ)

Tezos (XTZ), one of the largest PoS blockchain has been added to Bitfinex Borrow. Users can now obtain a loan using their XTZ as collateral, a peer-to-peer (P2P) digital token loan portal. Bitfinex customers will be able to obtain loans of up to 70% of the value of their XTZ holdings in US Dollars (USD). Borrowers will have to manage their own risk of the fluctuating XTZ price.

“A customer can choose between a variable interest rate based upon the Flash Return Rate (FRR) or a fixed-rate loan. The annual and daily rates, as well as total lending and repayment amounts, are calculated based upon the amount used as collateral, the loan amount, borrowing period and preferred interest rate option.” The company said.

Borrowers can choose the length of time over which a loan is repaid, with fixed-rate loans offering a maximum 120 day term. When an outstanding fixed-rate loan expires after 120 days it is automatically converted into a variable-rate loan.

Tezos is a self-amending blockchain protocol which supports smart contracts and decentralized applications to be built on top.

The Tezos Foundation sold 80% of all ꜩ tokens for $232 million in July 2017 through an uncapped ICO. 10% were reserved for the Foundation and another 10% for the development team.

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