Coinone launches virtual asset lending service 'Coin Borrowing'

Virtual asset (cryptocurrency) exchange Coinone announced on the 15th that it has launched the virtual asset lending service 'Coin Borrowing'.

The Coin Borrowing service allows customers to borrow virtual assets using their held KRW as collateral. Coinone offers loans from a minimum of KRW 50,000 to a maximum of KRW 30,000,000. Currently, the only virtual asset available for borrowing is Bitcoin (BTC), but it plans to add more supported borrowing assets in the future.

The loan period is up to 30 days, and a daily usage fee of 0.05% is applied. Borrowed assets can be freely traded and withdrawn, and can be repaid at any time.

Coinone said it sought to establish a user protection framework that reflects the virtual asset lending service guidelines announced by financial authorities at the end of last month. To this end, it introduced liquidation risk alerts and an automatic averaging-down function. It said these features enable customers to recognize the risk of asset liquidation.

In addition, to coincide with the service launch, Coinone will run a customer event from today until the 24th with a total of 10,000 Tether (USDT). Customers who use the Coin Borrowing service will equally split 7,000 Tether, and applicants with collateral of KRW 10,000,000 or more will equally split an additional 3,000 Tether.