According to ChainCatcher, Backpack's lending service is now officially open to users in Japan. Users can use assets such as BTC, ETH, SOL, XRP, and USDC as collateral to borrow and lend without selling their assets. The lending function allows users to deposit crypto assets to earn floating returns; the borrowing function allows users to borrow assets such as USDC using crypto assets as collateral.
Backpack warns that borrowing carries liquidation risk and currently only offers lending services, excluding spot and perpetual contracts.
Meanwhile, Japanese residents can now participate in the Backpack Points program, which was previously unavailable, to earn rewards.
