The Binance Empire Now Offers Lending!
Leading cryptocurrency exchange Binance has unveiled that it will be offering its own cryptocurrency lending platform, set to go live on this week. According to the announcement and the official Binance lending page (which Binance users will see visible on their dashboard), the three digital assets available for lending will be ETC, USDT, and Binance coin!
|Digital Asset||Total Subscription Cap||Individual Cap||Annualized Interest Rate||Lot Size||Interest Per Lot at Maturity|
|BNB||200,000 BNB||500 BNB||15%||10 BNB||0.057534 BNB|
|USDT||10,000,000 USDT||1,000,000 USDT||10%||100 USDT||0.383561 USDT|
|ETC||20,000 ETC||1,000 ETC||7%||1 ETC||0.002685 ETC|
“With Lending, Binance users will be able to grow their funds by earning interest income for lending out their holdings over a specific period of time.
If User A subscribes to 10 lots of BNB Lending (total lend of 100 BNB), the interest earned at maturity date will be 0.057534 BNB x 10 = 0.57534 BNB.” – Binance Announcement
Binance is also promising its lenders annualized interest rates of up to 15% with a fixed 14-day maturity period. The exchange will potentially offer a wider range of cryptocurrencies to lend in the future as feedback is received.
Not alone in the crypto lending business, Binance isn’t the first to offer something like this. Long-standing exchange Poloniex also offers lending services for numerous popular cryptocurrencies, including BTC, LTC, ETH, DASH, and XRP, with more added in recent months.
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.