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Binance unveils the eighth phase of its Lending Products

Shirly McCoy

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Source: Unsplash

One of the world’s leading crypto-exchanges, Binance, has announced the launch of its eighth phase of Binance Lending Products on 9 October 12:00 PM [UTC]. Binance’s lending platform went live on 26 August with just two products, BNB and USDT. The next phase of the strategic lending platform will have a subscription period from 9 October 12:00 PM [UTC] to 10 October 0:00 AM [UTC].

Additionally, the interest calculation period was from the day of the launch to 23 October 12:00 PM [UTC] and interest payout time is immediately after the loan term matures.

Binance’s official tweet read,

According to the official blog post, products in this phase will include BTC, ETC, ETH, EOS, LINK, USDT, and XRP, in addition to Binance’s native token, BNB, and the recently released stablecoin rollout, BUSD. The Malta-based exchange had carried out seven lending phases in a matter of a month and has covered multiple cryptocurrencies with a 14-day period for each.

Similar to previous lending phases, this is the eighth such holding in which Binance Coin [BNB] will be offered with two different subscriptions, one being 100,ooo BNB and the other 1,000,000 BNB at an annualized rate of 10% and 6% respectively, with a lot size of 10 BNB each. Binance USD [BUSD] also has an annualized rate of 10% and a total subscription cap of 15,000,000 BUSD with a lot size of 10 BUSD.

Out of all the products on the CZ-led Binance’s lending platform, BTC has the lowest annualized interest rate of 3%, with a total subscription cap of 1,000 BTC and a lot size of 0.01 BTC.

Shirly is a full-time member of the Editorial team of AMBCrypto. She is a Finance major and understands that blockchain is the key to a decentralized and equal market. Her previous work can be found on Medium, Blogger and Steemit. She held value in Bitcoin and Ether prior to being a writer here to "understand the FOMO" in the retail cryptocurrency space. Shirly is available at [email protected]