July 4 (Cointime) - As the cryptocurrency market expands, more individuals are exploring how to replace traditional financial products with crypto and related technologies. Aave and Compound are well-known examples of decentralized finance (DeFi) protocols that offer crypto lending.

Aave operates differently from traditional lending by using smart contracts to facilitate lending and borrowing, with borrowers providing collateral in the form of cryptocurrency tokens.

Bitget has recently entered the market with its new Crypto Loans product, which uses a dual-coin system where users stake one coin as collateral to borrow an equivalent amount in another coin.

The digital lending platform market is expected to grow at a compound annual growth rate of 20.5% from 2023 to 2032, making Bitget's entry a wise business move.