Explained: The world of crypto lending | Explained News,The Indian Express

Crypto lending is essentially banking - for the crypto world. Just as customers at traditional banks earn interest on their savings in dollars or pounds, crypto users that deposit their bitcoin or ether at crypto lenders also earn money, usually in cryptocurrency.

Major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers on Monday, citing “extreme” market conditions, sparking a sell-off across crypto markets.

Here’s what you need to know about crypto lending – a corner of the digital asset market that has boomed over the last two years during soaring interest in cryptocurrencies.

What’s the deal?

Crypto lending is essentially banking – for the crypto world.

Just as customers at traditional banks earn interest on their savings in dollars or pounds, crypto users that deposit their bitcoin or ether at crypto lenders also earn money, usually in cryptocurrency.

https://indianexpress.com/article/explained/explained-the-world-of-crypto-lending-celsius-network-defi-7967952/

---