BINANCE TO LAUNCH A CRYPTOCURRENCY LENDING PLATFORM
Users of Binance, one of the largest crypto exchanges, will be able to lend cryptocurrency for two weeks to other clients to increase their digital capital..
The new service was named Binance Lending and will start operating on 28 August. The platform will allow users with free BNB, USDT, ETC tokens to become lenders for 15%, 10% and 7% per annum, respectively.
All comers will be served on a first come, first served basis. Each digital asset has its own maximum subscription volume, lot size and number. Interest will be paid immediately upon the expiration of the two-week loan maturity.
The total maximum interest payments for the first stage can be 1,150 BNB, 19,178 USDT and 53 ETC, which at current rates is about $ 50 thousand.
IN the announcement it is also said that the annual interest rates for the upcoming phases will be adjusted based on the market perception of the pilot program.
We will remind that recently the Silvergate bank officially announced that it plans to issue cryptocurrency loans.
text: Ivan Malichenko, photo: Getty Images