BitoDebt Q&A

Q: What is BitoDebt?

A: BitoDebt is debt purchase platform launched by BitoPro as one of legal and professional financial product innovations. BitoPro supports demand coming from virtual currency lending & borrowing, therefore putting debt onto multi-assets platform for sale, bringing more value-added services to the platform by offering guaranteed interest and leading to more efficient asset utilization. 

Q: Is BitoDebt legal? Does it carry credit risk?

A: According to Civil Code Articles 294 and 350, the practice of selling and buying debts is allowed and debtors bear the responsibility for paying the debts they legitimately owe. To protect our users, we will attach “Repurchase Agreement” to ensure a low-risk investment option and to make sure our users get their principal and interest back at agreed time.

Q: Why purchase Debt?

A: In order to bring more diversified products in, we offer Debt purchase as our new financial product with  low risk and guaranteed interest, great tool for asset allocation and wealth management.

Q: How to purchase Debt?

A: Visit BitoDebt（https://www.bitopro.com/debts）, choose your plan (look for active plans, within purchase period), insert amount (unit), our method of allocation is first come first serve, click on purchase and sign “Debt Transfer Agreement Letter”. You’ll shortly receive confirmation email to complete the purchase.

For more details, please visit Zendesk (https://bitopro.zendesk.com/hc/zh-tw/articles/360035989952)

Q: How will My Assets look like after debt purchase?

A: Once purchase is confirmed, BitoPro will deduct your asset based on the amount you purchase.

Before Purchase

After Purchase

（圖：Before Purchase / After Purchase / Assets / BitoDebt Page）

Q: Can we cancel our purchase?

A: Once user confirms purchase and signs “Debt Transfer Agreement Letter”, purchases are considered final and can’t be cancelled. Principal and interest will be paid out fully on maturity date.

Q: Can we transfer purchased debt to others?

A: No, you can’t transfer it to any third party. If found violating rules, user will be fined as much as 3x of the purchase value.

Q: Is there any fees?

A: Yes, we charge a processing fee for every successful transaction, no other hidden fees. BITO Coin can be used to receive some discount on fees in the near future.

Q: What should I expect on maturity date?

A: Once the maturity date is reached, you’ll automatically get the principal amount plus all of the accrued interest with fee deducted. This will be shown in your assets.

Q: How much will I earn from buying debt? Where can I check my interest earnings?

A: Interest rate differs for every plans. Your net interest will be gross interest deducted by fee.

E.g. A bought 10 units of USDT plan, each unit worths 100 USDT, APR 8.5%, Interest period 7 days, fee is 20% of interest profit, A’s net interest profit will be: 10 units * 100 USDT * 8.5% * (7/365) * (100%-20%)= 1.30410959 USDT.

Go to BitoDebt（https://www.bitopro.com/debts）=》Overview =》 Transaction No. =》 Total Return to check on total return received (principal + interest - fees)

Q：Is there any restrictions to purchase debt?

A: Buyer should be at least Level 2 BitoPro user. Different plans have different limit maximum quantity to purchase

Q: Will there be more other types of virtual currencies linked to Debt Purchase in the future?

A: We’ll keep evaluating demands coming from our users to improve overall efficiency and user‘s asset management portfolio.