GMO Coin’s Rental Service
The Japanese Cryptocurrency Internet Giant, GMO Coin has recently launched its very new service. The service is to provide a platform to the customers which allows them to lend their bitcoins to the company. The company, GMO Coin described their service of Virtual Currency Rental in following words:
This service is originally introduced to allow the interested customers to rent their virtual currency to the company. In return, the customers would be receiving the rental fee as per the number of bitcoins they have rented.
How to avail the service?
The GMO coin has already opened the application gateway for the same and the interested candidates can assure their participation by applying for the program before May 2, 2018. The company also mentioned that currently, this service would only be supporting bitcoins but further, they have plans to add other virtual currencies. In the process, the customers would also be specifying the number of bitcoins they are willing to lend to the company. However, a threshold of 10 BTC has already been set.
After the company will review the applications, the customers would be informed about their decision and the loan procedure. After all the official work, the Bitcoin balance would be deducted from the accounts of the respective customers. Besides all this, the GMO Coin has also released a warning specifying that the target currency is subjected to fluctuate its prices during the lending and withdrawal period. The warning also specified that during the loan period, the customers cannot sell or transfer their loaned currency.
The duration of the loan would be 90 days. The company will return the same amount of the cryptocurrency borrowed along with the interest of the customers on the day of settlement. Moreover, there is a facility of recalling the loan early which the customers could use in case of any urgency. The company elaborated that the interest on the loan would be paid as per the given mathematical notation:
Rental fee= (Loan amount * loan period * loan rate) / 365
As per the news, Coincheck has also launched a similar program and service.