Irish P2P platform allows lenders to invest with cryptocurrency
Irish peer-to-peer lending platform Esketit has added two stablecoins, USDC and USDT so that lenders can invest in loans using cryptocurrency.
USDC and USDT are stablecoins that are pegged to the US dollar price, meaning one ‘coin’ equates to one dollar.
Now as well as euros, lenders can invest into their Esketit accounts in USDC and USDT, and after the transfer the stablecoin will be converted to euros. When withdrawing funds from the platform, the investment can be converted back to one of the stablecoins.
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“We’re excited to open up the opportunity for stablecoin holders to reap the benefits of P2P investing,” said Vitalijs Zalovs, chief executive of Esketit.
“While stablecoin staking can bring returns of under 10 per cent (usually around five to nine per cent), then on Esketit those same crypto investors can earn up to 14 per cent, with no fees to eat into that profit.”
Esketit is a Dubliln-based P2P platform that launched in March last year. ByNovember it had already grown its loanbook to €14m (£11.7m).