Malta-based Binance launches its seventh phase of lending products

Changpeng Zhao led cryptocurrency exchange, Binance initiated several developments in its ecosystem, one of which was the Binance lending platform. The exchange launched the platform on 26 August with only two products, BNB and USDT. However, in a period of one month, the exchange carried out six phases of its lending products.

Binance’s latest tweet suggested that the seventh phase of lending products was on its way. The tweet read,

According to the exchange’s blog post, the seventh phase of the Binance lending products would go live on 2 October 2019 at 12:00 PM [UTC]. The available coins for this phase of lending products were BNB, LTC, ETH, USDT, BTC, ETC, LINK and USDC.

Just like the other phases, a 14-day fixed term would be available for the aforementioned lending products. The subscription would be carried out on the basis of first-come-first-served. The subscription for the latest set of lending products would commence at 12:00 PM [UTC] on 2 October 2019 and would go on till 0:00 AM [UTC], 3 October 2019. The interest for this would be calculated from 12:00 PM [UTC] on 2 October 2019 till 12:00 PM [UTC] on 16 October 2019. Users would be obliged to pay off the interest immediately after the loan term matures.

All the currencies present in the latest phase had varied interest rates. BNB and USDT were seen with the highest rate of interest of 10%, while BTC had the lowest interest rate of just 3%.

Just a week ago, the exchange revealed its sixth phase of the Binance lending products in which LINK was the latest addition to the platform. On 17 September the exchange introduced its fifth phase which was solely dedicated to privacy coins, XMR, ZEC, and DASH.