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Through DeFi lending, users can lend out cryptocurrency, like a traditional bank does with fiat currency, and earns interests as a lender. Borrowing and lending are among the most common use cases for DeFi applications, but there are many more increasingly complex options too, such as becoming a liquidity provider to a decentralized exchange.
Interest rates are typically more attractive than with traditional banks, and the barrier to entry to borrow is low compared with that of a traditional system. In most cases, the only requirement to take out a DeFi loan is the ability to provide collateral with other crypto assets. Users can sometimes offer their NFTs, or nonfungible tokens, as collateral, for example, depending on the DeFi protocol used.