Kraken Unveils Flexline Lending Service for Pro Users

Kraken, a popular cryptocurrency exchange, has introduced Flexline, a new lending service for its Pro users. This platform enables customers to utilize their digital assets as collateral and borrow funds at fixed interest rates ranging from 10% to 25%. The borrowed amount can be repaid in cryptocurrencies or stablecoins and can either be traded on the platform or withdrawn by the user.

The introduction of Flexline comes as the crypto-lending market continues to grow, with various exchanges and financial institutions offering similar services. Coinbase has recently expanded its collateralized lending service to include more assets such as XRP, Dogecoin, Cardano, and Litecoin. The traditional finance sector is also recognizing the value of cryptocurrencies as collateral, as seen with the introduction of RateFi by U.S. mortgage lender Rate.

Kraken's Flexline service is not available in several countries, including Australia, Brazil, Canada, India, New Zealand, Switzerland, the United Arab Emirates, Britain, and the United States. The launch of this new lending option aims to provide Pro users with a convenient way to access funds while maintaining control over their digital assets.