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Malta-based Binance announces second phase of Binance Lending Products

Biraajmaan Tamuly

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Source: Pixabay

Changpeng Zhao-led cryptocurrency exchange, Binance, recently launched a crypto-lending platform on its network. The exchange had informed the community that the lending platform was supporting just three assets, namely, BNB, ETC, and USDT. Holders of the aforementioned coins could engage in lending and further, earn interest through the exchange’s services.

The Malta-based exchange will be expanding its lending platform and the second phase of Binance Lending products would be available from 4 September 2019, 6:00 AM UTC. The exchange announced the expansion to the community on Twitter and confirmed the same in a blog post.

A detailed table was also made available and revealed that Binance’s native coin BNB had the highest annualized interest rate of 10%, while BTC had the lowest interest rate of 3% and 3.5% over the 14-day term and 28-day term, respectively.

According to the blog post, BTC, ETC, and ADA were added to the platform with 14-day and 28-day fixed-term lending. The blog post further revealed details pertaining to the lending service. The subscription period would start from 6:00 AM [UTC] on 4 September and end at 12:00 AM [UTC] on 5 September 2019. The subscription will be carried out on the basis of first-come-first-served basis and interest would be calculated post-12:00 AM [UTC] on 5 September. Users are obliged to payout their interests instantly after loan term matures.

The announcement also gave a more detailed explanation of how the platform would function. The post read,

“If User A subscribes to 10 lots of BNB (28 days) Lending (total lend of 100 BNB), the interest earned at maturity date will be 0.076712 BNB * 10 = 0.76712 BNB.”

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.