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The largest bitcoin exchange in China at the moment — OKCoin — has announced on Friday the release of peer-to-peer margin trading features in a move that hopes to keep business running strong.
According to the announcement, the exchange is now allowing for borrowing and lending in addition to two new interest-yielding investment funds dubbed the ‘OK Standard Fund’ and the ‘OK VIP Fund’.
OKCoin’s p2p lending market allows users to take advantage of up to 3x leverage at an interest rate and loan duration of their choice. Meanwhile, users can earn interest on their idle funds by lending to other users in the market, also at an interest rate and duration of their choice. The system will automatically match the most suitable loans with those looking to borrow, thus allowing for pain-free and quick loan transactions.
Here are the details on the above-mentioned funds
- OK Standard Fund: Insured deposits, open to all users, no minimum loan amount.
- OK VIP Fund: Open only to users who sign a contract acknowledging risk, is not insured, minimum loan is 1000 bitcoins
Since the slew of rumors that the People’s Bank of China — the country’s central bank — have been circulating suggesting third-party financial institutions not work with bitcoin exchanges, companies like OKCoin, Huobi (earlier this week, Huobi announced a virtual currency derivatives platform), and BTC China have been trying to find ways to expand their services.
OKCoin has the largest amount of users, funding, and bitcoin volume in China. To date, the exchange has raised upwards of $10 million in venture capitalist funding, and plans to expand outside of Chinese borders in the future.
