Decentralized Platform Launches New Features as Demand for Crypto Lending Increases

A decentralized peer-to-peer network says it is well placed to cater to the growing demand for crypto lending, and has unveiled new tool that allows users to borrow USD-backed stablecoins against cryptocurrency collateral.

Nitrogen cites research from Bloomberg that shows how demand for loans backed by crypto collateral soared in 2018, as the price of Bitcoin and other coins began to decrease.

It says its service enables users to "Borrow and lend in a safe and transparent way" - with a range of intuitive features targeted at them on both sides of the transaction.

The company acknowledges that some borrowers would prefer to withdraw cash instead, and as a result, stablecoin loans can be redeemed whenever necessary.

Nitrogen Network is built on a noncustodial lending protocol, and the company says that decentralization delivers tangible benefits to its community.

As well as helping to minimize fees and the risks associated with borrowing or lending, it also means that consumers benefit from "Global 24/7 access to loans."

As previously reported by Cointelegraph, Nitrogen's peer-to-peer marketplace enables lenders or borrowers to specify the terms on which they would be willing to engage in a transaction, incorporating a range of factors.

Through Nitrogen Launchpad's simplified interface, offering quick and clear steps, loans can be found instantly, meaning borrowers no longer have to wait for lenders.

In a blog post, Changelly said it was optimistic that the collaboration could unlock opportunities for users of both platforms: Nitrogen users could benefit from immediate access to the assets they need and Changelly's community would be given the chance to enter borrowing agreements while continuing to hold on to their assets.

The platform is aiming to ensure that credit is available on demand instantly to those who need it, keeping their crypto assets secure and intact.