Binance Lending announced! The program will start on August 28th. Binance, the world’s largest cryptocurrency exchange by trading volume, has announced Binance Lending in an attempt to attract customer deposits.
Binance announced today that Binance Lending will be available first come, first served. Initially, users will be able to lend their US dollar pegged USDT, Ethereum Classic, and BNB in order to earn interest, payable from August 29th to September 11th.
The annualized interest rate for the initial lending products with a 14-day fixed maturity term has been set at 15%, 10% and 7% for BNB, USDT, and ETC respectively.
Binance will put a subscription cap of 200,000 BNB, 5 million USDT, and 20,000 ETC. If the products are all full and fully subscribed, Binance is expected to pay out interests of 1,150 BNB, 19,178 USDT, and 53 ETC.
Each user’s account on Binance will have an initial hard cap for BNB, USDT, and ETC denominated lending products at 500 BNB, 1,000,000 USDT, and 1,000 ETC respectively.
This aggressive move into the market shows that Binance is serious about expanding their product offerings. Binance recently launched margin-trading for BNB and USDT users.
The company said it will be “constantly evaluating new coins and tokens to support as lending products based on demand”. New products will be revealed weekly on Monday and become available for subscription by Wednesday.
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