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Binance Announces Cryptocurrency Lending Platform
The world’s leading cryptocurrency exchange Binance announced it will soon launch a lending business for customer deposits that initially supports tether (USDT), Binance Coin (BNB), and Ethereum Classic (ETC). Loans will carry a two-week fixed maturity with annualized interest rates of 10, 15, and 7 percent, respectively.
The platform—known as Binance Lending—will go live at 06:00 UTC on August 29, a Monday announcement from Binance noted. The exchange operator also stated “more Binance Lending products would be released soon.”
Commenting on the Binance Lending announcement, Binance chief executive Changpeng ‘CZ’ Zhao tweeted on Monday that the product “will also increase the availability of funds to lend to [Binance] Margin traders, so expect the (previously low) margin limits to increase a bit.”
The world’s leading cryptocurrency exchange Binance announced it will soon launch a lending business for customer deposits that initially supports tether (USDT), Binance Coin (BNB), and Ethereum Classic (ETC). Loans will carry a two-week fixed maturity with annualized interest rates of 10, 15, and 7 percent, respectively.
The platform—known as Binance Lending—will go live at 06:00 UTC on August 29, a Monday announcement from Binance noted. The exchange operator also stated “more Binance Lending products would be released soon.”
Commenting on the Binance Lending announcement, Binance chief executive Changpeng ‘CZ’ Zhao tweeted on Monday that the product “will also increase the availability of funds to lend to [Binance] Margin traders, so expect the (previously low) margin limits to increase a bit.”
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