TechFlow news, December 22 — According to an official announcement, Backpack's lending service is now officially available to users in Japan. Users can borrow funds using assets such as BTC, ETH, SOL, XRP, and USDC as collateral without selling their holdings. The lending feature allows users to deposit crypto assets to earn variable yields, while the borrowing feature enables users to use crypto assets as collateral to borrow assets like USDC.
Backpack warns that borrowing carries liquidation risks. Currently, only lending services are offered, excluding spot and perpetual contracts.
Additionally, Japanese residents can now participate in the previously inaccessible Backpack Points rewards program to earn points.
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