Dear BitMart Users,
To provide a value-added service for your idle digital assets, BitMart will be launching BitMart Lending, a financial product based on digital assets, at 8:00 AM (EST) on January 7, 2020.
What is BitMart Lending?
BitMart Lending is a financial product based on digital assets. Each project has its corresponding investment term and yield. After subscription, the principle will be locked, and the interest will be calculated according to the agreed time. After the product matures, the principal and interest will be unlocked and distributed into the user's wallet on the redemption date.
BitMart Lending Phase I will open 7-day and 15-day financial products based on BTC, USDT, ETH, and BMX. The specific information as follows:
User A has subscribed for 1 BTC with a 15-day lock-in period. According to the above list, after the product matures, the interest earned by user A is 1 * 40% * 15 / 365 = 0.016438 BTC.
How to use BitMart Lending?
Each project will have a subscription period and users can subscribe within the period with limited volume, first come first served;
Please make sure there are enough available funds in the account when subscribing. Our system will calculate the interest of the expected return after redemption according to the subscription volume;
After the successful subscription, our system will change the status of account assets from available to locked. Users can check the details of the assets held on their assets page;
When the product matures, it will be redeemed automatically, and the principal and investment return will be paid in once. Users can check the balance status in the assets list, and the income will be notified by SMS or email after distribution. Users may also check it in their distribution records.
Annualized interest rate: annualized interest rate refers to the rate of return gained during the investment period of one year;
Subscription cycle: the period from the beginning of subscription to the end of the subscription. If the period of subscription is not over, the product will not be counted into interest calculation;
Cycle: cycle refers to the time when their assets are locked. During this period, the fund is locked and cannot be traded or withdrawn by the user;
Total amount / Total subscription amount: it refers to the total amount of financial products issued;
Time of interest accrual: the time of interest (return) accrual after subscription;
Expected revenue: expected revenue refers to the revenue based on known information if there are no unexpected events happened. The platform calculates the income formula with subscription amount * annualized interest rate * lock-in days / 365.
Redemption date: the ending date of the investment product when the payback automatically returns to the available balance.
- The second and future annualized interest rates will be adjusted according to the market feedback and will be subjected to the BitMart announcement;
- Other BitMart Lending financial products will be launched shortly, please stay tuned.
Thank you for your support!
January 6, 2020