Bitfinex, a popular crypto exchange, has unveiled a new peer-to-peer lending service dubbed Lending Pro. The new P2P lending service would allow customers to invest in secured personal and business loans. The platform has a customizable set of tools that manage the trades and investment on behalf of customer’s baked on pre-set criteria specified by the customers as well as market scenarios.

The smart, automated lending platform is said to help investors streamline their crypto lending for loans underwritten and booked by Bitfinex. The automated protocol also helps in reducing cost charged by middlemen, which in turn makes the deal more beneficial for the parties involved in the trade.

Lending Pro would not have a centrally controlled interest rate; rather, it would depend on the supply-demand of the platform. The launch of Lending Pro also comes at a perfect time right after the start of the staking services.

Staking services are available for cryptocurrencies working on Proof-of-stake mining consensus, and in 2020 it has been a big trend among exchanges, including Bitfinex. The exchange also said that the market is evolving to accept new lending products, and timing is just right for it.

The exchange also revealed that the lending landscape is changing with the reliance on digital assets increasing with each passing day. The data suggest there has been a surge in interest from institutional players as well who are looking for lending services via digital assets to support their businesses. Paolo Ardoino, CTO at Bitfinex said:

“Lending Pro provides our users with a tool to automate peer-to-peer lending, and earn passive income on their crypto. By deploying advanced automated technologies, we’ve created a tool that will help our growing user base maximize their earning efficiency on the crypto held on our exchange.”

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