On the first of June Ripple (XRP) became officially listed on the CoinLoan platform. Within a week of the listing, users deposited more than 14 million XRP tokens on the platform, making CoinLoan the leading cryptocurrency lending service that uses Ripple according to the company. Users who deposit their Ripple tokens on the platform can benefit from up to 5.7% APY and take out loans with XRP as collateral. This is the reason the company considers many XRP holders to choose CoinLoan.
There are a couple of reasons CoinLoan believes that XRP holders are choosing their platform to deposit their XRP coins in such volume. Firstly, there are individuals that use the platform as a way to store their funds safely. According to the company, CoinLoan is a trusted entity with a financial institution license and state-of-the-art security, it’s a simple decision. Additionally, users can enjoy earning up to a 5.7% annual yield on their holdings. All thanks to the staking mechanisms. As an addition to all this, users can use XRP as collateral to borrow stablecoins, or fiat-assets in both the Instant Loans section and the Lending Market on the platform.
With regular exchanges, the only possibility is deposits of funds, or exchange them for another currency. With CoinLoan, users can deposit their funds, exchange but also earn interest or take out a loan at any moment. For users that prefer to keep their options open with their XRP tokens, CoinLoan believes their platform is a perfect fit.
On an individual level, the benefits of users’ choice for the CoinLoan platform are evident. However, these 14 million XRP tokens do not solely come from individual users. There are miners, cryptocurrency exchanges, and OTC-platforms that contribute to this number as well. The reason for that is clear and evident; the ability to maintain liquidity for all parties. CoinLoan collaborates through partnerships with several established entities in the cryptocurrency industry to provide traders and miners the ability to trade, stake, and hold.
CoinLoan is on a mission to make cryptocurrency lending as easy as possible, and by doing so, have the opportunity to change lives. Where interest rates are negative, and access to monetary funds are limited, cryptocurrencies offer a solution, and thus, it should be available to anyone in the most straightforward manner possible.