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Binance announces fifth phase of lending products dedicated solely to privacy-focused coins

Chayanika Deka

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Source: Pixabay

Malta-based cryptocurrency exchange, Binance, recently launched a crypto-lending platform on its network. Initially, the exchange offered support to only three crypto-assets on the lending platform namely, BNB, ETC, and USDT. However recently, the exchange revealed the fourth phase of lending products, wherein Ethereum Classic [ETC], Bitcoin [BTC] and Ethereum [ETH] will be added to the list of the existing coins.

In its latest update, Binance announced the launch of the fifth phase of its lending products solely dedicated to privacy coins. Earlier today, CEO of Binance Changpeng Zhao announced that the community had to gear up for six new announcements for the day. As part of the same, Binance shared news of the fifth phase with the community. The tweet read,

According to the blog post published by Binance, the fifth phase of lending products would go live at 6:00 AM [UTC] on 20 September. The lending products would include privacy-focused coins like Monero [XMR], Zcash [ZEC], and Dash [DASH], where a 14-day fixed term will be made available.

Furthermore, the subscription period would start from 6:00 AM [UTC] on 20 September and go on till 12:00 AM [UTC] 21 September. The subscription format would be carried out on the basis of first-come-first-served. The interest period would be calculated from 6:00 AM [UTC] on 20 September to 6:00 AM [UTC] on 4 October and users are obliged to payout their interests instantly after loan term matures.

All the available currencies had the same annualized interest rate of 3.5% and the term of maturity was 14 days.

The first and the second phase of the exchange’s lending platform went live on 28 August and 4 September, respectively. While the third phase took off on 11 September, the fourth phase is scheduled to go live on 18 September.

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.