Backpack Loan Service is now officially available to Japanese users

BlockBeats News, December 22, according to an official announcement, the Backpack lending service has officially opened to users in Japan. Users can use assets such as BTC, ETH, SOL, XRP, USDC, etc., as collateral to borrow without selling their assets. The lending feature allows users to deposit their crypto assets to earn a floating interest rate, while the borrowing feature allows users to borrow USDC and other assets using their crypto assets as collateral.

Backpack reminds users of the liquidation risk associated with borrowing. Currently, it only provides lending services and does not include spot or perpetual contracts. At the same time, Japanese residents can now participate in the previously unavailable Backpack Point reward program to earn rewards.