Cryptocurrency prices have been battered this year, and that’s been the sole topic of interest, both for the enthusiasts and the skeptics. However, as the prices dropped, one business has boomed: crypto lending. While all the other startups in the crypto space were counting on prices hitting their former highs, this industry has been making money both with the drops and the rises. In fact, some of the titans in the industry have revealed that the bear market in 2018 only accelerated growth in their industry.
And while some firms such as Bitmain and Consensys have been cutting down costs and laying off staff, crypto lenders have been expanding. Some like the Novogratz-backed BlockFi have seen a 1,000 percent increase in the number of clients. Others like Aave have opened new offices globally to cater to a rapidly-expanding market base.