Cryptocurrencies exchange Bitrue will now accept Dogecoin and Shiba Inu as collateral for loans. Based in Singapore and popular for its XRP-based services, Bitrue was the first among prominent exchanges in the world to list “dog-coins”.
In an official announcement on its Twitter handle, the cryptocurrency ecosystem Bitrue revealed it will provide loan services against Dogecoin and Shiba Inu.
Both the currencies can be used for loans denominated in Bitcoin(BTC) and U.S. Dollar Tether(USDT) stablecoins. The exchange will offer lending and borrowing services, which will include a 50% “loan-to-value” ratio. This means a customer can borrow $1000 USDT if they’re willing to pledge $2000 in Dogecoin(DOGE) or Shiba Inu(SHIB) coins.
Bitrue has found considerable success with the digital asset XRP on its platform. The asset is primarily used by the Ripple payment network to carry out low-cost cross-border transactions on the same day. The exchange is confident that XRP will draw more users to its platform with its increased utility for businesses and individuals.
On April 25, 2020, Bitrue listed Dogecoin against XRP for traders on its exchange. The listing made it easier for the XRP-community to acquire DOGE.
As part of a promotional campaign, Bitrue will provide users with free XRP under the current offer. Borrowers will be eligible to claim 10 XRP on loans with Dogecoin and Shiba Inu as collateral. In addition, users who help to promote this offer will qualify for a tournament where the winner could take 1,000 Bitrue coins (BTR) home.
Dog-themed currencies like Dogecoin and Shiba Inu have attracted many investors since billionaire Elon Musk started to tweet about them. However, their prices recorded a significant drop when Vitalik Buterin sold a sizeable amount of his shares in their supplies.